The chief executive of budget retailer Poundland is to retire later this year.
Jim McCarthy, 60, will be succeeded by experied retail director Kevin O'Byrne in July after a decade in the top job.
Mr McCarthy will remain available to the board until his retirement at the AGM in September.
In a statement announced to the stock exchange today, the Willenhall-based company said Poundland had grown from 146 stores with sales of £310 million to a business with more than 900 outlets in the º£½ÇÊÓƵ, Ireland and Spain under his leadership.
During this period, the business has added an additional £1 billion of sales and now serves more than seven million customers a week.
Mr 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 ten 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."
Mr O'Byrne is an experienced international retailer who has been a director of both Dixons and B&Q owner Kingfisher where he was most recently chief executive of the DIY chain B&Q for the º£½ÇÊÓƵ and Ireland.
He is also the senior independent director of commercial property group Land Securities Group.
Poundland's chairman Darren Shapland added: "I am delighted that Jim is succeeded by an executive of Kevin's calibre.
"Kevin's retail experience, in both the º£½ÇÊÓƵ 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."
