Steinhoff pulls support as Pepco’s Andy Bond steps down

Andy Bond, the person accountable of Steinhoff’s crown jewel Pepco, has made up our minds to step down in accordance to well being grounds. The previous retail executive, who led Walmart-owned Asda (the UK’s second finest retailer after Tesco) and played a pivotal just in Walmart’s acquisition of Massmart, had a a hit tenure on the nick mark retailer. Pepco managed to develop aggressively and has change into one in every of Steinhoff’s most attention-grabbing final resources, along with Pepkor. Given the unexpected info, Steinhoff shareholders can be eager for some form of soft succession planning. Steinhoff shares luxuriate in practically doubled within the past month, primarily as a outcomes of the Tekkie Town owners managing to reach a settlement agreement, that means that the chance of liquidation turn into off the table. With extra readability and info, merchants and merchants are scrambling to value what’s left of the embroiled retailer. BizNews founder Alec Hogg chatted to Andy Bond in 2016 before taking the reins. – Justin Rowe-Roberts

Steinhoff media assertion:

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 fleet-rising pan-European selection low cost retailer, Pepco Community, owner of the PEPCO and Dealz brands in mainland Europe and Poundland within the UK, has this day launched an announcement referring to the decision of its Chief Executive Officer, Andy Bond, to step down on the end of March 2022 on well being grounds. The announcement is on hand on the Pepco Community online page.

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 firms.”

Steinhoff has a primary list on the Frankfurt Inventory Alternate and a secondary list on the JSE Restricted.

Be taught furthermore: 

• Meet Steinhoff’s R10bn man: New Poundland boss, feeble Asda CEO Andy Bond.
• Tekkietown’s Bernard Mostert: Explaining settlement that pleased Steinhoff shareholders (and doubled the fragment mark)
• Tekkie Town reaches settlement with Steinhoff
• Bernard Mostert on Steinhoff as court docket grants embroiled retailer go away to charm
• The Tremendous Steinhoff settlement debate – Piet Viljoen and Bernard Mostert

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