B&M has announced that its Chief Executive Simon Arora is set to step down after more than 17 years of leading the fast-growing discount retailer.
He will retire in 12 months’ time, and in the meantime assist its Chairman Peter Bamford in finding a successor. B&M stated that it will consider both internal and external candidates with a further announcement made when appropriate.
B&M was a regional chain of only 21 stores when it was acquired by Simon and Bobby Arora in December 2004. Since then, it has grown into a business with more than 1,100 stores across the UK and France generating sales of over £2.3bn. Bobby Arora, Group Trading Director, plans to remain with the business in his current role.
The Aroras offloaded 40 million shares in B&M earlier this year, reducing their holding from almost 11% to just under 7%. Their stake in the business is worth £385m based on the current share price.
Simon Arora commented: “It has been a privilege to lead B&M for seventeen years and I am immensely proud of the incredible journey that we have been on. B&M’s value for money proposition remains as relevant and compelling to shoppers today as it has ever been. I would like to thank all 38,000 members of the B&M family for their hard work and commitment both now and as we continue our expansion.”
Bamford added: “The remarkable growth of the business from its humble beginnings to where it is today reflects his exceptional passion, determination and ability.
“Moreover, he has established a firm foundation from which the group will continue to deliver its successful growth strategy and great value for its customers. We are all very grateful for his tireless efforts and he will leave us next year with our best wishes for the future.”
