Poundland has appointed former Wilko CEO Mark Jackson as its new chief financial officer.

Jackson, who previously was hailed for his role in the rescue of variety store group Wilko, is set to join current Poundland CEO Stephan Borchert, Retail Week reported.

Prior to this appointment, Jackson also served as chief financial officer of clothing brand Pep&Co, which is sold across Poundland and Pep&Co stores, and was CEO of Bensons for Beds.

Speaking about the executive’s hire, Poundland managing director Barry Williams said: “Not only is Mark highly experienced in the kind of processes we’ll be undertaking, he’s also a long-term friend of our business.

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“His experience as a turnaround specialist will be invaluable to us as we move to rebuild the business.”

He added: “We’ve a lot of work to do to get Poundland to a point where we can begin our recovery phase from a tough period—but I know with a clear action plan, the right backing and your support, we will put ourselves in the right position to do exactly that.”

The appointment comes as Poundland recently drafted in advisors at Teneo to oversee the sale of the value chain’s 825 store portfolio.

It was revealed earlier this month that Pepco Group was looking into ways to separate itself from the discounter, which has suffered a decline in sales over the last 12 months.