Matalan chief financial officer Stephen Hill has stepped down from his role and will be succeeded by former Poundland finance director Dave Williams.

Dave Williams Matalan

Dave Williams has been hired as chief financial officer of Matalan

The fashion retailer said in a statement that Hill is stepping down to “pursue his next challenge” and will continue to work with the business as an adviser to the board for the next few months.

Williams’ appointment comes amid the retailer’s ongoing transformation strategy. He will initially join the business as chief financial officer designate amid a “short handover” period before taking on the permanent position and joining the Matalan board.

As finance director at Poundland, Williams led the property, legal and assurance functions. During his time at the business, he helped “grow and transform it into a £2bn multi-price value retailer”.

Williams joins with more than 20 years of experience in the retail sector, with previous appointments including senior roles at JD Sports, JJB Sports, TJ Hughes and Focus Wickes.

Hill said: “It has been a privilege to spend so many years with the fantastic colleagues at Matalan, whose talent, hard work and endless commitment to our customers has made my time both professionally rewarding and extremely enjoyable.

“As the business continues its transformation journey, its great value proposition positions it well to prosper over the coming years and I look forward to supporting the board in a new advisory capacity over the next few months. I wish the business and Dave in his new role as CFO every success in the future.”

Matalan chief executive Jo Whitfield added: “Stephen has been instrumental in helping shape Matalan over a long period, bringing significant investment into the business in supporting its ongoing development including the modernisation of our supply chain, developing our omnichannel capabilities and opening lots of fantastic new stores.

“His extensive financial, commercial and leadership qualities have proved invaluable and helped steer Matalan to a solid financial footing. More recently, Stephen has played an important part of the new leadership team that has stabilised the business after its change in ownership last year, successfully returning it to profit growth.

“I would like to thank Stephen for his vast contribution to the business and look forward to working with him in his new board adviser capacity in the coming months.”