B&M announced today that Mike Schmidt will act as the discount retail group’s interim Chief Executive, alongside his current role as Chief Financial Officer.
The move comes after Alex Russo stepped down from the position today, two months after revealing his plan to retire.
B&M said it was continuing to make good progress on finding a new permanent CEO and will update the market when the recruitment process has concluded. Last month, it was reported that David Potts, the former CEO of Morrisons, was one of the frontrunners.
Two weeks ago, B&M stated that its annual profit will now come in above the midpoint of its £605m-£625m guidance range, buoyed by sales from new stores and robust French operations, with cost cuts also helping it mitigate cautious demand from customers in the UK. The group’s share price had previously been on a downward spiral after a series of profit warnings following a weakening of performance in its domestic market.
