Steinhoff pulls abet as Pepco’s Andy Bond steps down

Andy Bond, the man in cost of Steinhoff’s crown jewel Pepco, has determined to step down in step with health grounds. The mature retail executive, who led Walmart-owned Asda (the UK’s 2d greatest retailer after Tesco) and conducted a pivotal role in Walmart’s acquisition of Massmart, had a worthwhile tenure at the reduce impress retailer. Pepco managed to grow aggressively and has change into surely one of Steinhoff’s handiest final resources, alongside with Pepkor. Given the unexpected records, Steinhoff shareholders can be hopeful for some develop of soft succession planning. Steinhoff shares like almost doubled in the previous month, basically as a outcomes of the Tekkie Town dwelling owners managing to establish a settlement agreement, which diagram that the likelihood of liquidation modified into once off the desk. With extra readability and records, investors and traders are scrambling to cost what’s left of the embroiled retailer. BizNews founder Alec Hogg chatted to Andy Bond in 2016 earlier than taking the reins. – Justin Rowe-Roberts

Steinhoff media observation:

Pepco Community NV – Andy Bond to Step Down as CEO

Steinhoff Worldwide Holdings N.V. (“Steinhoff” and with its subsidiaries, the “Community”).

Shareholders are urged that Steinhoff’s subsidiary, the quick-growing pan-European diversity reduce worth retailer, Pepco Community, owner of the PEPCO and Dealz brands in mainland Europe and Poundland in the UK, has nowadays launched an announcement referring to the resolution of its Chief Executive Officer, Andy Bond, to step down at the stop of March 2022 on health grounds. The announcement is obtainable on the Pepco Community net predicament.

Louis du Preez, Chief Executive Officer of Steinhoff said: “On behalf of Steinhoff we thank Andy for his outstanding management of the Pepco Community and its underlying companies.”

Steinhoff has a most indispensable listing on the Frankfurt Stock Replace and a secondary listing on the JSE Restricted.

Learn also: 

• Meet Steinhoff’s R10bn man: Recent Poundland boss, feeble Asda CEO Andy Bond.
• Tekkietown’s Bernard Mostert: Explaining settlement that contented Steinhoff shareholders (and doubled the portion impress)
• Tekkie Town reaches settlement with Steinhoff
• Bernard Mostert on Steinhoff as court grants embroiled retailer leave to charm
• The Colossal Steinhoff settlement debate – Piet Viljoen and Bernard Mostert

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