5th Jul 2022 17:46
(Alliance News) - B&M European Value Retail SA strengthened its top-tier leadership on Tuesday after the variety retailer poached DFS Furniture PLC's Mike Schmidt as its new chief financial officer.
Schmidt has been at the sofa seller for eight years. He joined in 2014 as a senior member of the finance team and was promoted to CFO in 2019.
Schmidt is succeeding Alex Russo, who will be stepping up to the role of chief executive officer at B&M to replace the outgoing co-founder Simon Arora.
A start date for Schmidt at the value retailer is to be confirmed, though it is expected to be no later than January 3. DFS added that Schmidt will remain with the company to oversee its year-end results and ensure an "orderly transition".
A search for Schmidt's successor will begin immediately, DFS said.
Liberum analyst Adam Tomlinson said that "B&M has attracted a high calibre new CFO, providing reassurance and removing the uncertainty from the role."
"The previous news that CEO Simon Arora is to step down after 17 years running B&M has likely weighed on the shares," he added.
Shares in B&M ended 1.4% lower at 360.55 pence each in London on Tuesday, and over the past year, the stock has fallen 37%.
Meanwhile, shares in DFS closed down 0.7% on Tuesday at 152.00 pence each.
By Sophie Rose; [email protected] and Arvind Bhunjun; [email protected]
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