Steinhoff pulls back as Pepco’s Andy Bond steps down

Andy Bond, the man in charge of Steinhoff’s crown jewel Pepco, has decided to step down based on health grounds. The veteran retail executive, who led Walmart-owned Asda (the UK’s second biggest retailer after Tesco) and played a pivotal role in Walmart’s acquisition of Massmart, had a successful tenure at the discount retailer. Pepco managed to grow aggressively and has become one of Steinhoff’s best remaining assets, along with Pepkor. Given the sudden news, Steinhoff shareholders will be hopeful for some form of smooth succession planning. Steinhoff shares have nearly doubled in the past month, primarily as a result of the Tekkie Town owners managing to reach a settlement agreement, meaning that the possibility of liquidation was off the table. With more clarity and information, investors and traders are scrambling to value what’s left of the embroiled retailer. BizNews founder Alec Hogg chatted to Andy Bond in 2016 before taking the reins. – Justin Rowe-Roberts

Steinhoff media statement:

Pepco Group NV – Andy Bond to Step Down as CEO

Steinhoff International Holdings N.V. (“Steinhoff” and with its subsidiaries, the “Group”).

Shareholders are advised that Steinhoff’s subsidiary, the fast-growing pan-European variety discount retailer, Pepco Group, owner of the PEPCO and Dealz brands in mainland Europe and Poundland in the United Kingdom, has today released an announcement regarding the decision of its Chief Executive Officer, Andy Bond, to step down at the end of March 2022 on health grounds. The announcement is available on the Pepco Group website.

Louis du Preez, Chief Executive Officer of Steinhoff said: “On behalf of Steinhoff we thank Andy for his outstanding leadership of the Pepco Group and its underlying businesses.”

Steinhoff has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.

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