The chief executive officer of Poundland owner Pepco has stepped down.
Trevor Masters, who had been CEO since early 2022, has been temporarily replaced by the chair of the board Andy Bond, who takes on the position of executive chair.
Bond had previously served as chief executive of Pepco between 2015 and 2022 before stepping down due to health reasons.
Andy Bond said: “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”.
This comes as the group updates its current earnings (EBITDA) guidance for the year ending 30 September 2023, which it now expects to be slightly lower than anticipated on the back of worse than expected sales performance.
Pepco also confirmed that it will meet its net new store opening target of 550 stores for the financial year.
The group recently agreed to acquire 71 former Wilko stores to convert to Primark stores.