// Poundstretcher hires Asda executive Derek Lawlor as the new CEO
// Current boss Aziz Tayub moves into the role of chairman with immediate effect
Poundstretcher has appointed Asda executive Derek Lawlor as the new CEO as current boss Aziz Tayub moves into the role of chairman with immediate effect.
Lawlor is joining the value retailer as Poundstretcher completes its CVA obligation. It is working with the CVA supervisor to conclude the formalities, which would allow Lawlor to focus on growing the business.
Lawlor is currently the senior vice president of food and general merchandise at Asda, where he has served for the past seven years.
Before that, he was the category director at Tesco.
READ MORE: Poundstretcher profits halve as it pushes ahead with store expansion
Tayub said Lawlor brings with him “a wealth of experience”.
“I’m looking forward to working with Derek as I know he is a great fit for our business and will lead us through the next phase of our growth strategy,” he said.
Lawlor joins at a time when the retailer is struggling with trading as Tayub told Business Live last month that sales are expected to have fallen 15% to £277 million over its latest financial year.
Poundstretcher’s latest accounts filed at Companies House show turnover down 20% from £411.6 million to £325.3 million in the year to March 2021 – but showed losses of £45 million turning into a pre-tax profit of £88 million.
Despite the challenging environment, the retailer plans to open 50 stores a year over the next three years, including in prime city centre locations where rents have dropped.
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