Discount retailer and Poundland parent company Pepco Group has announced its chief executive Trevor Masters has stepped down with immediate effect.

Masters joined Pepco in 2019 and was appointed as interim CEO in March 2022, before taking over permanently a month later.

The group’s chair Andy Bond will take on the role of executive chair on an interim basis until a successor is appointed, Pepco said.

Bond said: “We would like to thank Trevor for his leadership most recently as group CEO and previously as managing director of Pepco Poland. He has provided leadership over the past few years and the business is well set for future growth. We wish him well.

“I am excited to be once again taking an active role in leading Pepco Group, providing continuity for a wonderful business that feels like family to me, which I’ve enjoyed being involved with since 2012.”

The group also updated its EBITDA guidance for the year ending September 30, which it said it expected to be “slightly lower than previously anticipated” but in line with company-compiled analyst consensus, following “weaker than expected” sales performance.

Pepco confirmed that it would meet its 2023 full-year net new store opening target of 550 stores.

Earlier this week, it was announced that Pepco would acquire up to 71 former Wilko sites for its Poundland brand.