The B&M group has announced the appointment of Mike Schmidt as its next Chief Financial Officer. He will succeed Alex Russo, who is stepping up to the role of Chief Executive as previously announced on 31 May.
A start date for Schmidt has yet to be confirmed but it is expected to be no later than 3 January 2023.
He is currently Group CFO of DFS Furniture, having been in that role for the last three years. Prior to that, Schmidt spent 13 years in corporate finance roles at investment banks, including Citi and UBS.
Peter Bamford, Chairman of the value-orientated variety retailer, commented: “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 added: “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.”
At the end of last month, B&M revealed that its first-quarter group revenues had fallen 2.2% to £1.16bn as it lapped buoyant trade in its British stores last year during the Covid lockdown.
