Ex-Morrisons boss touted for B&M CEO role

Former Morrisons boss David Potts is reportedly among the leading candidates for the CEO role at B&M, according to The Sunday Times.

Potts has reportedly been in talks with the bargain retailer for weeks about the position, which became vacant following Alex Russo’s departure last month.

Sources familiar with the process told the newspaper that no final decision has been made and an appointment is not expected to be made for weeks.

Potts started at Tesco nearly four decades ago, rising from the deli counter to managing the company’s Asian operations.

He became Morrisons’ chief executive in 2015 serving until 2023 and stepping down after the supermarket was acquired by US private equity firm Clayton Dubilier and Rice.

It is believed that Potts is eager to return to retailing, he recently attempted to take over The Range but his offer was rejected. He would be ready to start at B&M with immediate effect.

B&M has struggled recently leading to the company exiting the FTSE 100. The departure of Russo came alongside a profit warning of between £605m and £625m this year, down from a previous forecast of up to £650m.

The company attributed the decline to economic uncertainty and exchange rate volatility but some investors worry the retailer may need to cut prices to stay competitive against Tesco and Home Bargains.

Despite the downturn, the retailer’s remuneration committee 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.