Discount retailer, B&M issues update on management succession plans
Liverpool discount retailer, B&M European Value Retail, issued an update on its management succession plans today (September 15).
The group, based in Speke, announced on May 31, 2022, that Alex Russo, currently group chief financial officer, would succeed Simon Arora as group chief executive.
B&M said today that Alex will become CEO on September 26, 2022, the start of the second half of the group’s financial year.
At that point, Simon Arora, who announced his intention to step down as CEO on April 22, will retire as CEO but continue to serve the board as an executive director until the end of his notice period in April 2023.
Mike Schmidt, who was previously announced as the successor to Alex Russo in the role of CFO, will join the business on October 17. In the short period between Alex’s appointment as CEO taking effect on September 26, and Mike joining as CFO on October 17, Alex will retain responsibility for his current role and will be supported in that work by Peter Waterhouse as group financial controller.
On August 18, the group announced that Ron McMillan, currently senior independent director and chair of the audit and risk committee, would be retiring as a director at the conclusion of the AGM in July 2023, and that Oliver Tant would be appointed to the board in November 2022, and would succeed Ron as chair of the audit and risk committee when he retires from the board.
The group now confirms that Tiffany Hall, currently non-executive director and chair of the remuneration committee, will become senior independent director when Ron retires from the board.
Since there is currently no vacancy in the office of a director, in accordance with Luxembourg law, Mike Schmidt’s and Oliver Tant’s appointments to the board are required to be approved by resolutions of shareholders at a general meeting of the company.
Accordingly, an ordinary general meeting of shareholders will be convened for October 31, 2022, for that purpose. Subject to their appointments being approved at the meeting, both appointments to the board will take effect on November 1, 2022.
