Discount retailer B&M has announced that Peter Bamford, its Chairman since 2018, will retire during 2024.
The company confirmed that it has appointed an executive search firm to recruit a new Chair. A retirement date has not yet been set, and Bamford will continue to serve in the role until a successor is found.
Bamford commented: “It has been a privilege to Chair B&M over the last 6 years. I have thoroughly enjoyed working with both current CEO Alex Russo and his predecessor Simon Arora, as well the rest of my Board colleagues. The business has laid strong foundations and is trading well. B&M has a high-class leadership team in place, and we have managed succession to all the key Board positions over the last two years.
“While I will miss B&M when I step down as Chair, I feel that now is a good time for the company to commence the process of transition to a new Chair.”
Russo added: “Peter has been a great business partner since I joined the business in 2020. I have thoroughly enjoyed working with him, both personally and professionally. His unrelenting drive in reinforcing the B&M culture at Board level has been of the first order. We wish him all the best in his next personal project.”
B&M posted robust figures for the run-up to Christmas after its value-oriented offering proved popular with cash-strapped consumers.
NAM Implications:
- The latest results will set a challenge for a newcomer.
- Anticipate the arrival of a high-flyer…
