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Poundland CEO Jim McCarthy to retire and be succeeded by Kevin O'Byrne
Poundland has announced that its chief executive Jim McCarthy is to step down and will be succeeded by former Dixons Retail and Kingfisher director, Kevin O'Byrne.
In a statement, Poundland said McCarthy had informed the board of his wish to retire after a decade in the role.
O’Byrne will join the business on 4 April as chief executive designate and will become chief executive on 1 July.
Meanwhile, McCarthy will remain available to the board until his retirement at Poundland's AGM in September.
Darren Shapland, Poundland 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.”
During his career in retail, O’Byrne has been a director of both Dixons Retail and Kingfisher. His most recent role at Kingfisher was chief executive of DIY retailer B&Q UK and Ireland. He is also the senior independent director of Land Securities Group.
Shapland added: "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."