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B&M has revealed that chief executive Alex Russo will retire on 30 April, as the group announced it has lowered its profit guidance for FY25 once again to a range of £605m to £625m.
The group said the lowered guidance reflects the “current trading performance of the business, an uncertain economic outlook and the potential impact of exchange rate volatility on the valuation of B&M’s stock and creditor balances”.
However, the retailer’s remuneration committee has decided to allow Russo to be eligible for an annual bonus for the current financial year and to retain his awards under the company’s share plans.
Details of his remuneration, including bonus and share plan treatment, and severance terms will be in line with his service agreement and the Directors’ Remuneration Policy approved by shareholders at the AGM in July 2024.
According to the group, it is currently in the advanced stages of a recruitment process to appoint Russo’s replacement, and will provide an update “in due course”.
Tiffany Hall, chair of the board at B&M, said: “I would like to thank Alex for his commitment, energy, dedication and hard work since joining the business in 2020 and, in particular, since becoming CEO in September 2022.
“Alex has increased our store footprint in both the UK and France and driven a relentless focus on high operational standards and low costs, enabling the company to provide great products and everyday low prices to our customers whilst generating continued strong cash returns for our shareholders. We wish him well for the future.”
Russo added: “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.”
