B&M Bargains group chief finance officer Mike Schmidt has been appointed as interim chief executive at the value retailer.
Previous CEO Alex Russo, who was CFO before Schmidt, announced that he was retiring in February after three years leading the business.
B&M said: “The board continues to make good progress on CEO succession and will update the market as soon as the recruitment process has concluded. In the intervening period, the board has appointed Mike Schmidt to act as interim CEO, alongside his role as CFO.”
Schmidt joined B&M in 2022 after eight years at home furniture retailer DFS, where he also held the position of chief finance officer.
The latest results from the value retailer showed a 3.7% increase in group revenues for the 2025 financial year. This was driven by strength in the French business and new store openings, with like-for-like sales in the UK falling year-on-year.
After announcing his retirement in February, Russo said: “I have thoroughly enjoyed my time at B&M since joining in 2020. The business has been successfully steered through the pandemic years and is now larger and stronger, with group revenues increasing by almost 50% and cash distributions to shareholders in excess of £2bn during my tenure.
“It has been professionally rewarding to assemble and work with a high-quality leadership team and to retire, leaving growing businesses with great potential in both the UK and France. I wish the board and the leadership team every success in the years ahead.”
No comments yet