British variety store chain Poundland gets its new CEO from KFG.L, Europe’s largest home improvement retailer. Former executive of Kingfisher Chief Kevin O’Byrne will become the new CEO of Poundland. He will step into the shoes of Jim McCarthy who will retire after a decade in the job. According to a statement released by the company, O’Byrne would only take the full responsibility of the CEO from July 1st, until when he would be the Chief Executive designate of Poundland. O’Byrne would join the board from 4 April. The company has also informed that McCarthy will remain on the board until his retirement at Poundland’s AGM in September.
Poundland Chairman Darren Shapland said: “McCarthy had skilfully guided the business from a small private operation in 2006 to the strong and growing business it is today. 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.”
McCarthy has been working in Poundland since 2006. Since then the Value retailer has seen its business booming from 146 store-estate to 900 stores and from a profit proposition of £310m to £1bn. Last year Poundland acquired one of its rivals, 99p stores. O’Byrne left left Kingfisher in May 2015, having lost out to Veronique Laury for the CEO role. He had served as Finance Director of the group for four years before that, and was in the role for six years at Dixons.