B&M announces CEO's leaving date

B&M has confirmed when Simon Arora will step down from his role as chief executive.

In a letter to shareholders, the discount retailer said that Simon Arora will stop acting as chief exec of the company on 26th September 2022.

He has led the group for 17 years and will continue to serve as an executive director until April 2023.

Alex Russo, the firm’s current chief financial officer (CFO), will succeed Arora as chief executive.

B&M stated that Mike Schmidt will join the firm as CFO in October 2022. Schmidt previously worked as CFO at furniture retailer DFS.

B&M also stated that Tiffany Hall, who is currently a non-executive director and chair of the Remuneration Committee, will become senior independent director of the company.

B&M was a regional chain of only 21 stores when it was acquired by Simon and Bobby Arora in December 2004. It now has over 1,100 stores across the UK and France.

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