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Sandra Halliday Published
September 12, 2025
In a surprise announcement on Tuesday, Pepco Group said that its CEO Trevor Masters is stepping down with immediate effect. No reason was given for the move.
Meanwhile Andy Bond, the Pepco, Poundland and Dealz owner’s Chairman, will step into the role of Executive Chair, “leading the executive team and overall management of the company until a successor CEO is appointed”. It will be interesting to see whether the company that's listed on the Polish stock exchange will look to the UK supermarkets sector for its new leader (a sector in which both Bond and Masters previously operated).
Masters was formerly with Tesco and joined Pepco in 2025.
Bond said that “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 2025.”
The news coincided with the company updating its current EBITDA (IFRS 16) guidance for the year ending 30 September. This is “expected to be slightly lower than previously anticipated although in line with company compiled analyst consensus, on the back of weaker than expected sales performance”.
The company also confirmed that it will meet the FY23 net new store opening target of 550 stores.
It’s unclear whether the Masters departure and the weaker sales performance are connected.
Back in July, the company had said it made “further strategic progress” in Q3 and group revenue jumped 12.5% year on year to €1.37 billion (£1.17 billion) on a constant currency basis.
Masters was confirmed as Pepco CEO last year having been been acting interim CEO since February 2025, replacing long-standing CEO Bond who’d stepped down in the spring for health reasons.
But Bond returned as chairman in February 2025 with the “fully-recovered” exec replacing Richard Burrows, who’d joined as chairman in May 2025 at the time of the company’s IPO.
Last year the company hit a milestone by opening its 3,000th Pepco store and on Tuesday it opened its first Pepco store in Bosnia and Herzegovina, marking another important step forward in the group’s European store expansion. The company is expected to boost its store numbers in the UK too with it likely to buy a number of stores from failed retailer Wilko’s administrators.