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Pepco Group has confirmed that Trevor Masters has stepped down as CEO of the company with immediate effect.
Andy Bond, chair of the group’s board, will step into the role of executive chair, leading the executive team and overall management of the company until a successor CEO is appointed.
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.”
Alongside this announcement, the group also updated its full-year EBITDA guidance, which is now expected to be slightly lower than previously anticipated “on the back of weaker than expected sales performance”.
Pepco also confirmed that it will meet the FY23 net new store opening target of 550 stores.
News of the resignation comes only days after Pepco Group announced that it agreed to take control of up to 71 Wilko store leases.
Lease assignments are expected to be completed in early Autumn, enabling these stores to join Poundland’s existing 800-plus UK estate and trade through the important fourth calendar quarter of 2023.
Pepco stated that it intends to move these stores over to its brand as soon as practical.
While the deal does not include the transfer of any Wilko staff, it said it intends to offer some roles to former Wilko employees.
