Discount retailer Poundland has started the search for a new chief executive officer following the decision of current CEO and company founder Dave Dodd to focus on new product development and sourcing.
Colin Smith, chairman of Poundland, said that the refocus would allow Dodd to spend more time differentiating Poundland’s product offering by developing product ranges, examining NPD and sourcing new suppliers.
“Dodd is a terrific trader and is fantastic at identifying and sourcing new products. This will allow him to spend more time doing this,” he said.
Smith said the search for
a new CEO was in the very early stages so he couldn’t yet say how long it would take. Both internal and external candidates will be considered.
He added that the refocus was part of the group’s “growth story” with the chain aiming to open 30 new stores a year.
Smith predicts that Poundland will have 150 stores by the end of the year and estimates sales of £290m. “We are hoping for sales of over £400m in two years’ time from 200 stores,” he said.