Poundland boss McCarthy set to step down after a decade in charge

THE chief executive of Black Country based single price retailer Poundland is to step down from the business later this year.

Long-serving Jim McCarthy will leave his post in July and be replaced by the former chief executive of home improvement retailer B&Q, Kevin O’Byrne.

Mr O’Byrne will become chief executive designate with effect from April 4 and will shadow Mr McCarthy until he retires in the summer, although he will not leave the business officially until after the September AGM.

Nuneaton-born Mr McCarthy, 60, will leave Poundland after a decade as chief executive, having joined the company in August 2006.  Under his leadership the Willenhall-based retailer has grown from 146 stores with sales of £310m to a business with over 900 stores in the UK, Ireland and Spain, adding an additional £1bn of sales in the process and serving more than seven million customers every week.

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Mr O’Byrne is an experienced international retailer.  During his career he has been a director of both Dixons Retail and Kingfisher.  His most recent role at Kingfisher was CEO of B&Q UK and Ireland. He is also the senior independent director of Land Securities Group.
 
Mr McCarthy said: “Poundland is a strong business, which I am privileged to have had the opportunity to lead through a period of significant growth and change.
 
“After over 40 years in retail, including 10 years leading Poundland, I will leave the business in the hands of a very experienced leadership team who I know will give Kevin their full support.  I am delighted that Kevin will be taking over from me and I wish Poundland, its dedicated colleagues and supplier partners the very best for the future.”
 
Darren Shapland, Poundland’s chairman, said: “Jim has skilfully guided the business from a small private operation in 2006 to the strong and growing business it is today.  His development of Poundland’s distinctive offer, professional retail skills together with building a modern, agile supply chain network were the foundations for Poundland’s transformation.  His energy, enthusiasm and passionate management style has touched many people during his successful tenure.  On behalf of the whole company I would like to thank him for the enormous contribution he has made to the business.
 
“I am delighted that Jim is succeeded by an executive of Kevin’s calibre.  Kevin’s retail experience, in both the UK and many international markets, together with his clear leadership skills, make him the outstanding candidate to lead the business as it continues to grow as a public company.”

Mr O’Byrne added: “I am very excited about joining Poundland, a business with a strong brand and great potential.  Jim and his team have built a very good business.  I look forward to working with the talented and experienced management team to deliver its ambitious plans.”
 

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