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The outgoing boss of B&M Simon Arora has become one of the highest earning CEOs in retail after earning £5m last year, according to the company’s annual report.
Arora was paid a base salary of £810,000 and also received an annual bonus of £1.5m and a long-time share bonus worth £2.6m with a holding period until August 2024.
B&M said the payout was awarded following Aora fully achieving targets on returns to shareholders and the performance of its share price compared with similar businesses. It said he also partially achieved growth in like-for-like sales targets as well as developing its online capability.
Arora, who has been at B&M for almost 20 years, is set to step down from his role next year. He will be succeeded by B&M’s current CFO Alex Russo.
The news comes despite seeing its sales dip in its latest full-year results released last month, as its revenue fell by 2.7% to £4.7bn against the prior year, despite increasing 22.5% on a two-year basis against FY20.
Its UK fascia revenue decreased 4.1% year-on-year, largely driven by a one-year like-for-like revenue decline of 9%. On a two-year basis, LFL revenues were up 13.0% however, with sales densities “significantly higher” than pre-pandemic levels due to the retention of new customers.
