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Poundstretcher has announced the appointment of Derek Lawlor as its new CEO, who succeeds current CEO, Aziz Tayub, with immediate effect. Following the appointment, Tayub will assume the role of chairman at the group.
Lawlor brings with him a “wealth” of experience, having started his retail career with Tesco over 30 years ago. He most recently sat on Asda’s executive committee as the CMO and chairman of IPL.
The discount retailer said Lawlor was joining the group at an “exciting time for the business”, which has now completed its CVA obligations and is working with a CVA supervisor to “conclude the formalities and allow us to have our full focus on growing the business”.
News of a CVA was first reported in June 2020, when the group launched a CVA in a bid to seek rent cuts from its landlords.
According to Sky News, the discount retailer initiated a “radical” restructuring programme that sought to cut rents at around 330 of its 450 stores across the UK.
In turn, leases were renegotiated, 90 loss-making stores closed, and between 200 and 250 redundancies took place, lowering the company’s cost base and returning its profitability.
Commenting on the board change, Aziz Tayub said: “I’m looking forward to working with Derek as I know he is a great fit for our business and will lead us through the next phase of our growth strategy.”
