admin The chief executive officer of Pepco Group, Trevor Masters, has announced his intention to step down from the top position with immediate effect.
It comes as the Polish company, which counts Poundland among its portfolio, reported that its EBITDA for the year ending 30 September 2023 is expected to be “slightly lower” than it had previously forecasted, aligning with compiled analyst consensus and “on the back of weaker than expected sales performance”.
Masters will be temporarily replaced by chair of Pepco’s board, Andy Bond, who will step into the role of executive chair and will lead the overall management of the company until a successor has been appointed.
In a release, Bond said on Masters’ departure: “We would like to thank Trevor for his leadership most recently as Group CEO and previously as managing director of Pepco Poland. He has provided leadership over the last few years and the business is well set for future growth. We wish him well.
“I am excited to be once again taking an active role in leading Pepco Group, providing continuity for a wonderful business that feels like family to me, which I’ve enjoyed being involved with since 2012.”
Pepco confirms it will meet 550 store opening target
Bond had previously served as CEO from 2015, stepping down at the beginning of 2022 due to health reasons.
It was then that the former chief operating officer of the company, Masters, was appointed to the position, for which he was supported by CFO Nick Wharton, who had returned full-time to the business.
The company went on to launch a retail expansion strategy, expanding its European budget brand Pepco into new regions across Europe, including most recently Bosnia and Herzegovina.
Meanwhile, British variety store Poundland has also been privy to such growth as part of its ongoing ‘Project Diamond’ strategy, which has seen it bring new or expanded ranges to a number of its stores and set out on a path to expand its UK retail network.
Ultimately, Pepco’s expansion plans have touched all parts of the group, with the company now confirming that it will meet the FY23 net new store opening target of 550 stores.
