Pep&Co owner appoints new CEO as CFO announces retirement
Pepco Group, which owns the Pep&Co and Dealz brands in the EU and Poundland in the UK, has announced that Interim CEO Trevor Masters will take on the position full time.
Masters will take over the role from Andy Bond, a high street veteran and former chief of Asda, who announced in January that he would leave Pepco at the end of March.
Masters has 40 years experience within the retail sector within the UK and international sector and previously worked as the CEO of Tesco International for seven years.
The Pepco Group will propose Masters appointment at the next general meeting of shareholders.
Pepco's CFO Nick Wharton separately announced to the board that he wanted to step down "due to a continuation of the health issues" at the end of April. As a result the Board has appointed Mat Ankers as Interim Group CFO.
Wharton first joined the group as CFO in 2018. He will remain an advisor to the Board until the end of the financial year.
Richard Burrows, Chairman of Pepco Group, said: ”The Board was unanimous in concluding that Trevor was the standout candidate for the role of CEO and we are pleased to be confirming that today. In his three years with the Group to date, Trevor has demonstrated exceptional leadership in driving growth at our PEPCO business, opening stores across our established markets and strategically important new ones in Western Europe."
Nick Wharton, Chief Financial Officer, added: ”It is with deep regret that my health forces me to step down from my role at Pepco. I am very proud of the role I have played in the development of the Group and its highly successful IPO on the Warsaw Stock exchange and subsequent entry to the WIG20.”