Poundland appoints Kevin O'Byrne to succeed Jim McCarthy as CEO

Text from the Poundland press release follows:

Poundland Group Plc (the "Company"), Europe's biggest single price discount retailer, is pleased to announce the appointment of Kevin O'Byrne to the Board as Chief Executive Designate with effect from 4th April 2016. Kevin will become Chief Executive Officer on 1st July and succeed Jim McCarthy, 60, who has informed the Board that he wishes to retire. Jim will then remain available to the Board until his retirement at the AGM in September 2016.

Jim will leave Poundland after a decade as CEO, having joined the Company in August 2006. Under his leadership Poundland has grown from 146 stores with sales of £310 million to a business with over 900 stores in the UK, Ireland and Spain, adding an additional £1 billion of sales in the process and serving over 7 million customers every week.

Kevin O'Byrne is an experienced international retailer. During his career he has been a Director of both Dixons Retail plc and Kingfisher Plc. His most recent role at Kingfisher was CEO of B&Q UK and Ireland, the market leader in home improvement. Kevin is also the senior independent director of Land Securities Group PLC.

Darren Shapland, Poundland's Chairman, said: "Jim has skilfully guided the business from a small private operation in 2006 to the strong and growing business it is today. His development of Poundland's distinctive offer, professional retail skills together with building a modern, agile supply chain network were the foundations for Poundland's transformation. His energy, enthusiasm and passionate management style has touched many people during his successful tenure. On behalf of the whole company I would like to thank him for the enormous contribution he has made to the business.

"I am delighted that Jim is succeeded by an executive of Kevin's calibre. Kevin's retail experience, in both the UK and many international markets, together with his clear leadership skills, make him the outstanding candidate to lead the business as it continues to grow as a public company."

Jim McCarthy said: "Poundland is a strong business, which I am privileged to have had the opportunity to lead through a period of significant growth and change. After over 40 years in Retail, including 10 years leading Poundland, I will leave the business in the hands of a very experienced leadership team who I know will give Kevin their full support. I am delighted that Kevin will be taking over from me and I wish Poundland, its dedicated colleagues and supplier partners the very best for the future."

Kevin O'Byrne said: "I am very excited about joining Poundland, a business with a strong brand and great potential. Jim and his team have built a very good business. I look forward to working with the talented and experienced management team to deliver its ambitious plans."

Analyst View:

Connor Campbell, a senior market analyst at www.spreadex.com gave us his view:

"Whilst Jim McCarthy may have been in charge for Poundland’s sloppy takeover of 99p Stores (and the stock’s subsequent decline), he is still the man who led the company to its IPO in the first place, a decade-long tenure that has seen the store become not one of, but arguably the, high street staple in the UK. It is understandable, then, that Poundland would fall 2% at the announcement of his retirement, his successor Kevin O’Bryne (formerly chief at B&Q) facing a tough task when he takes over in July."

Image: James W Copeland / Shutterstock.com

Source : Poundland Press Release
www.poundlandcorporate.com