Andy Bond, the chief executive of Steinhoff subsidiary Pepco Group, a fast-growing pan-European variety discount retailer has announced he will be stepping down from his role at the end of March 2022 due to health reasons.
The European retailer owns discount stores under the Pepco, Poundland, and Dealz brands across the continent.
Bond will be temporarily replaced by chief operating officer Trevor Masters, a former supermarket executive at Tesco.
In his ten years at Pepco, seven as CEO, Bond, 56, grew the business from 200 stores in a single country to over 3,500 in 19 countries, Reuters reports.
Prior to joining Pepco, Bond was the boss of UK supermarket group Asda.
The board has started a search process with external support and will evaluate internal and external candidates for the role of CEO.
“Every great journey must come to an end and it is with much reluctance that I have decided now is the right time to focus my energies on my health,” said Bond.
“It has been wonderful to help the business and our many talented colleagues grow and provide customers with great value products that they need throughout Europe and the UK.”
Louis du Preez, chief executive officer of Steinhoff, commented: “On behalf of Steinhoff we thank Andy for his outstanding leadership of the Pepco Group and its underlying businesses.”
Bond is set to remain an advisor to the Pepco board until the end of the financial year.