Respected Poundland CEO to retire

Kevin O'Byrne, the former boss of home improvement retailer B&Q, is to take over at Poundland
Kevin O'Byrne, the former boss of home improvement retailer B&Q, is to take over at Poundland
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​​Discount retailer Poundland said ​chief ​e​xecutive Jim McCarthy will retire in September after a decade in the job and be succeeded by Kevin O'Byrne, the former boss of home improvement retailer B&Q.

​​Poundland said ​Mr ​O'Byrne w​ill​ join the board as chief executive designate on April 4 and become CEO on July 1.

​Mr ​McCarthy, who led Poundland's flotation on the London Stock Exchange in 2014, will remain available to the board until his retirement at the firm's annual shareholder meeting in September.

​Analyst Clive Black at Shore Capital said: "Whilst replacing Mr McCarthy was never going to be an easy task as he is a tough act to follow for sure, we have also to express our pleasure and praise for chairman Darren Shapland in engineering a pretty seamless change in the top position in the firm in our view with the announcement to of a very strong replacement."