Pepco chair exits as new governance changes are prepared

Andy Bond, the chairman of Pepco Group, has announced his intention to step down from the budget retail conglomerate following the company’s upcoming AGM on 12 March.

Bond’s departure comes after 13 years with Pepco, which then revealed that Frederick Arnold was to be his successor. Arnold is currently a non-executive director at the company, having joined the board in June 2024.

Going forward, majority shareholder IBEX Topco, which holds a 30 percent stake in the business, will now have the right to recommend nominees to the chairs of the board and the Remuneration Committee.

Bond’s exit comes as Pepco announced the forthcoming departure of its chief financial officer, Neil Galloway, who will also be stepping down following the AGM. Willem Eelman is to take his place, bringing to the role extensive experience, including 11 years at GrandVision, three at C&A Europe and almost 10 years at Unilever.

Non-executive director Maria Fernanda Mejia will also be resigning from the Pepco board.

Shifts in Pepco’s leadership team confirm a “series of actions intended to support its accelerated transformation”, the company said in a release, and come as the group, the parent company of Poundland, also looks to “implement some complementary governance changes to increase both the focus on and pace of value creation”, among other things.

These changes include “creating enhanced alignment between stakeholder best interests and longer-term value creation via the introduction of multi-year equity grants as part of overall remuneration for senior leadership and non-executive directors”.

Management is expected to provide an update on strategic plans in a Capital Markets Day on 6 March, in which they will further share details of the company’s comprehensive assessment of Poundland.