Alex Russo, Asda’s former CFO and the current group finance director at Wilko, is set to join B&M.
He has been appointed as an Executive Director and Chief Financial Officer at the fast-growing value-oriented retailer. B&M stated that Russo will take up the job on a mutually agreed date no later than June 2021. He will replace Paul McDonald, who is retiring from the business after more than 10 years in the role. McDonald will remain in the post until Russo has joined.
Russo joined Wilko in November 2018 having previously spent nearly five years as CFO at Asda. He has also worked in senior roles at Tesco, Kingfisher, and Boots.
B&M’s Chairman Peter Bamford commented: “His previous roles with leading retail businesses in the UK and internationally brings a valuable level of experience to the Board as our business continues to grow at a significant rate.”
CEO Simon Arora added: “I am delighted to have found a successor to the CFO with the background experience and skills which Alex has from his time with retailers operating in International as well as UK markets.
Both executives thanked McDonald for his contribution to the retailer’s success in recent years.
NAM Implications:
- At the very least anticipate an enhanced focus on financial results…
- …from a very experienced retail finance player.
- NAMs have just over a year to refine their ability to cost investment…
- …and demonstrate value on the B&M P&L.
