Poundstretcher has promoted its finance director Tristan Phillips to chief executive.
Phillips, who was the previous head of finance at M&S between 2020 and 2022, joined the discount chain last autumn.
He will succeed Derek Lawlor, who stepped down in May after 10 months in the role.
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Commenting on his appointment, Phillips told Business Live: “I think that, versus someone coming in and thinking they’ve got to change everything tomorrow, I’ve had a good runway into what I need to do and had agreed all of that before I stepped into the CEO role.”
He added that due to already having “an exceptionally positive personal relationship and working relationship” with Poundstretcher owner Aziz Tayub.
“We know how we work together and I know the things that are important to him – the things he doesn’t want to happen and the things he does”.
Phillips said the discount chain is “starting to grow again” after its pre-tax profits plunged from £88m to £11.7m in the year to 31 March 2022.
He said the business plans to open “at least 20 new stores all over the country” by the end of the financial year in March.
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