Steinhoff pulls back as Pepco’s Andy Bond steps down

Andy Bond, the person responsible of Steinhoff’s crown jewel Pepco, has made up our minds to step down in conserving with health grounds. The outmoded retail govt, who led Walmart-owned Asda (the UK’s second largest retailer after Tesco) and played a pivotal characteristic in Walmart’s acquisition of Massmart, had a successful tenure at the sever rate retailer. Pepco managed to develop aggressively and has turn into one in every of Steinhoff’s most effective last sources, along with Pepkor. Given the surprising news, Steinhoff shareholders will possible be waiting for some fabricate of soft succession planning. Steinhoff shares receive almost doubled in the past month, primarily because the Tekkie Metropolis house owners managing to reach a settlement agreement, which technique that the choice of liquidation become off the table. With extra readability and records, traders and traders are scrambling to rate what’s left of the embroiled retailer. BizNews founder Alec Hogg chatted to Andy Bond in 2016 sooner than taking the reins. – Justin Rowe-Roberts

Steinhoff media assertion:

Pepco Neighborhood NV – Andy Bond to Step Down as CEO

Steinhoff World Holdings N.V. (“Steinhoff” and with its subsidiaries, the “Neighborhood”).

Shareholders are instructed that Steinhoff’s subsidiary, the fast-rising pan-European fluctuate discount retailer, Pepco Neighborhood, owner of the PEPCO and Dealz producers in mainland Europe and Poundland in the United Kingdom, has this day released an announcement referring to the determination of its Chief Govt Officer, Andy Bond, to step down at the cease of March 2022 on health grounds. The announcement is on the market on the Pepco Neighborhood site.

Louis du Preez, Chief Govt Officer of Steinhoff stated: “On behalf of Steinhoff we thank Andy for his prominent management of the Pepco Neighborhood and its underlying firms.”

Steinhoff has a predominant record on the Frankfurt Stock Alternate and a secondary record on the JSE Shrimp.

Read also: 

• Meet Steinhoff’s R10bn man: Unusual Poundland boss, inclined Asda CEO Andy Bond.
• Tekkietown’s Bernard Mostert: Explaining settlement that overjoyed Steinhoff shareholders (and doubled the fragment rate)
• Tekkie Metropolis reaches settlement with Steinhoff
• Bernard Mostert on Steinhoff as court grants embroiled retailer dash away to charm
• The Massive Steinhoff settlement debate – Piet Viljoen and Bernard Mostert

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