Former Tesco boss announced as Poundworld successor
THE successor to Christopher Edwards Sr, founder and chief executive of Poundworld has been announced.
Gerry Gray, the former chief operations officer at Tesco UK, is taking the helm.
Mr Gray worked his way up from the shop floor at Tesco where he held various management positions, and was the former chief executive for Tesco Hungary.
Most recently he was business mentor advisor to chief executives at Moscow-based X5 Retail. He will be taking over as chief executive at Poundworld Retail on March 7.
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Mr Edwards Sr started the business at a Wakefield market stall in 1974 Poundworld’s first high street store opened in 2004, and now the business has more than 310 sites across the UK under its Bargain Buys and Poundworld brands.
This year, the company opened 35 new stores, secured a £50m financing facility and progressed construction on its new 500,000 sq ft warehouse in Normanton.
The Edwards family is maintaining their equity position in the company.
Christopher Edwards Sr said, “I am delighted to welcome Gerry to Poundworld following my decision to stand down as CEO. After 40 years’ service, I think it’s time for a rest.
“I am looking forward to working with Gerry over the next couple of months to ensure a smooth transition and handover period.
“I would like to take this opportunity to thank everyone who has been with me through this journey from the very beginning with just one store, to where we are today with in excess of 310 stores.”
Steve Johnson, chairman of Poundworld, said, “It is impossible to do justice to the huge contribution that Chris has made to the creation and growth of the Poundworld business.
“I am delighted to announce that Gerry Gray will be joining Poundworld. It is testament to the reputation and prospects of this business that we have been able to attract such a strong candidate for the role.”
Gerry Gray finished: “I am joining Poundworld at a very exciting time for the business, its employees and customers. Furthering Chris Edwards’ enterprise and the truly dynamic company he has created, we will continue to shift the retail landscape, selling fantastic products at attractive prices to deliver amazing value for our customers.”
