Poundland boss McCarthy to retire

Jim McCarthy, the former Birmingham newspaper boy who has led the Black Country budget shopping powerhouse for a decade, is to leave in September.

His successor will be Kevin O'Byrne, the head of DIY chain B&Q until last year. Mr O'Byrne joins Poundland as chief executive designate on April 4.

Poundland, based at its landmark headquarters beside the Black Country Route in Willenhall, was founded in 1990 by former market trader Steve Smith struck on the idea of a shop selling everything for £1. He and his father Keith sold up for £50 million a decade later.

Jim McCarthy, the former head of Sainsbury's convenience stores, was hired by the new owners in 2006.

Under his leadership Poundland has grown from 146 stores with sales of £310 million to a business with over 900 stores in the UK, Ireland and Spain, adding an additional £1 billion of sales in the process and serving over 7 million customers every week.

He has also taken Poundland overseas, opening under the Dealz name in Ireland, in 2011, and then last year in Spain.

Mr McCarthy has overseen Poundland's £55 million takeover of 99p Stores over the last year and has also taken the company public, listing on the London Stock Exchange in 2014.

Darren Shapland, Poundland's chairman, said: "Jim has skilfully guided the business from a small private operation in 2006 to the strong and growing business it is today.

"His development of Poundland's distinctive offer, professional retail skills together with building a modern, agile supply chain network were the foundations for Poundland's transformation.

"His energy, enthusiasm and passionate management style has touched many people during his successful tenure. On behalf of the whole company I would like to thank him for the enormous contribution he has made to the business."

He added: "I am delighted that Jim is succeeded by an executive of Kevin's calibre. Kevin's retail experience, in both the UK and many international markets, together with his clear leadership skills, make him the outstanding candidate to lead the business as it continues to grow as a public company."

Jim McCarthy said: "Poundland is a strong business, which I am privileged to have had the opportunity to lead through a period of significant growth and change.

"After over 40 years in retail, including 10 years leading Poundland, I will leave the business in the hands of a very experienced leadership team who I know will give Kevin their full support.

"I am delighted that Kevin will be taking over from me and I wish Poundland, its dedicated colleagues and supplier partners the very best for the future."

Kevin O'Byrne said: "I am very excited about joining Poundland, a business with a strong brand and great potential. Jim and his team have built a very good business. I look forward to working with the talented and experienced management team to deliver its ambitious plans."

Kevin O'Byrne is an experienced international retailer. During his career he has been a director of both Dixons Retail and Kingfisher. His most recent role at Kingfisher was chief executive of B&Q UK and Ireland, the market leader in home improvement. Kevin is also the senior independent director of Land Securities Group.