Poundland non-exec director steps down
Poundland has announced that Stephen Coates has resigned as a non-executive director of the company.
The move follows his retirement from Warburg Pincus, Poundland’s principal shareholder.
Coates has represented Warburg on Poundland's board since the former’s investment in Poundland in June 2010. Warburg’s other representative, Paul Best, will remain on the board after Coates steps down.
Darren Shapland, Poundland's chairman, said: "Stephen has been a member of the board for nearly five years, providing invaluable advice and support in the growth of Poundland, leading to the successful IPO last March. He leaves with the appreciation and thanks of the whole company and we wish him well for the future."
Coates added: "It has been a tremendous privilege to have been a director at Poundland and to have been part of a team that has overseen the growth and development of the business. I have no doubt that the success story will continue following what has been a pivotal year for the company. I wish the business every success in the future."
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