Arora will exit in 12 months’ time, and B&M said that over the coming year, he will remain “fully committed” to the business in his role as CEO and will assist in a “smooth” transition to his successor.
A succession process will be led by chairman Peter Bamford, and it will consider both internal and external candidates. B&M said a further announcement will be made respectively.
Meanwhile, Bobby Arora, group trading director, intends to remain with the business in his current role.
B&M was a regional chain of 21 stores when it was acquired by Simon and Bobby Arora in December 2004. Since then, it has grown into a group today of over 1,100 stores across the UK and France, and is now a constituent of the FTSE100 index.
Peter Bamford, chairman, said: “On behalf of the board and all stakeholders of the group, I would like to thank Simon for his leadership over the past 17 years. The remarkable growth of the business from its humble beginnings to where it is today reflects his exceptional passion, determination and ability.
“Moreover, he has established a firm foundation from which the group will continue to deliver its successful growth strategy and great value for its customers. We are all very grateful for his tireless efforts and he will leave us next year with our best wishes for the future.”
Arora added: “It has been a privilege to lead B&M for 17 years and I am immensely proud of the incredible journey that we have been on. B&M’s value for money proposition remains as relevant and compelling to shoppers today as it has ever been.”