The chief executive officer of Pepco Group, Trevor Masters, has announced his intention to step down from the top position with immediate effect.

It happens at the same time that the Polish company, which owns Poundland, reported that its EBITDA for the year ending 30 September 2023 is expected to be “slightly lower” than it had previously forecasted, in line with the consensus of assembled analysts and “on the back of weaker than expected sales performance.”

Andy Bond, head of Pepco’s board, who will take over as executive chair and oversee the overall operation of the company until a replacement is named, will temporarily replace Masters.

In a release, Bond said on Masters’ departure, “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.”