Budget retailer B&M has announced the appointment of Mike Schmidt as executive director and chief financial officer (CFO) of the Group.
He will join the company no later than on the 3 January 2023. Schmidt is currently executive director and Group CFO of DFS Furniture plc, having been in that role for three years.
Schmidt joined the DFS in March 2014 as a senior member of the finance team, later becoming chief development officer.
Prior to joining DFS, he spent 13 years in corporate finance roles at investment banks including Citi and UBS, where he gained experience advising a wide range of consumer focused companies.
Schmidt will succeed Alex Russo as group CFO, who will be stepping up to group chief executive officer, as previously announced on 31 May 2022.
Peter Bamford, chairman, said: “I am delighted that Mike has agreed to join B&M as Group CFO. His previous roles in both retail and investment banking will bring valuable experience and insight to the Board alongside the continuity provided by Alex Russo’s appointment as future CEO. I look forward to working closely with Mike over the coming years.”
Schmidt said: “I am excited by the opportunity to join B&M. It is a business that has experienced a period of rapid growth over recent years and has a clearly defined growth strategy for the future. I am very much looking forward to contributing to its ongoing success.”