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Retail

Poundland Owner Pepco Names Trevor Masters As New CEO

Pepco Group, owner of European discount retailer brands Pepco, Poundland and Dealz, has formally named Trevor Masters as chief executive, promoting him from an interim role.

Masters, a former Tesco executive, joined Pepco in 2019 and took over as interim CEO at the end of last month when CEO Andy Bond stepped down for health reasons.

'Outstanding Candidate'

'The decision follows an extensive search process commissioned by the board with the support of an external firm. The board concluded that Trevor was the outstanding candidate for the role,' Pepco said.

The group, which listed on the Warsaw stock market last May with a valuation of €5 billion, also said that finance chief Nick Wharton was stepping down at the end of the month due to health issues.

It said Mat Ankers has been appointed interim chief financial officer.

First-Half Performance

On Thursday, Pepco reported a 17.5% increase in first half revenue and pledged to "protect prices" for cash-strapped shoppers.

Pepco said revenue totalled €2.37 billion in the six months to March 31 as it opened 192 new stores, taking the total to 3,696 across 17 countries.

It said like-for-like sales growth was 5.3%, driven by growth of 12.1% in the second quarter.

Announcing the group's results on Thursday, Masters said, “We are very pleased with this set of results, considering the global disruption faced by our business. We have maintained our focus on our strategic priorities, in particular our new store growth and our continued re-fit programme, both of which continue to delight our customers and deliver strong financial performances. I would also like to take this opportunity to thank the Pepco team for their resilience and commitment to serving our customers."

News by Reuters, edited by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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