B&M’s chief financial officer appointed interim CEO
Appointed as group chief financial officer at B&M in 2022, Mike Schmidt's arrival followed nearly nine years in a similar role at DFS
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B&M has announced the appointment of chief financial officer Mike Schmidt to the role of interim chief executive, effective immediately.
The news comes as former chief executive Alex Russo, who joined the discounter in 2020, officially retired today (30 April) after three years in the role.
In a very short statement, B&M wrote: “The board continues to make good progress on CEO succession and will update the market as soon as the recruitment process has concluded.”
Appointed as group chief financial officer at B&M in 2022, Schmidt’s arrival followed nearly nine years in a similar role at DFS.
Joining the sofa retailer in 2014 as chief development officer, the interim chief executive was later promoted to interim CFO. In 2019, his position was made permanent.
David Potts, the former head of Morrisons, is reportedly a leading candidate to become the new chief executive of B&M, according to a Times article from last year.
Russo’s retirement was first revealed in February, and coincided with the company’s second profit guidance cut this year.
B&M has experienced a difficult trading period over the past year, leading to a reduction of over £25m in its forecast. Consequently, the company now anticipates profits to be in the range of £605m to £625m.
The group blamed the economic uncertainty and fluctuating exchange rates for its decline. Concerns among some investors suggest the retailer might have to lower prices to effectively compete with Tesco and Home Bargains.
