Former B&Q boss Kevin O'Byrne has been appointed as chief executive at Poundland, effective July 1.
Mr O'Byrne will replace Jim McCarthy, who is retiring after a decade in the role. Mr O'Byrne will join as chief executive designate on April 4, taking the helm fully on July 1. Mr McCarthy will remain on the board at Poundland until he officially retires in September.
Mr O'Byrne had been finance director at B&Q for four years before leaving the DIY retailer last year. Previous roles also include finance director at Dixons. He is also the senior independent director of Land Securities Group.
Mr McCarthy joined Poundland in 2006 and during that time oversaw the brand's growth from 146 stores to 900. Chairman Darren Shapland said: "On behalf of the whole company I would like to thank him for the enormous contribution he has made to the business."
"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."