B&M European Value Retail has named DFS Furniture's chief financial officer Mike Schmidt as its new finance boss, at a time when the discount retailer's profit margins are expected to take a hit from UK households cutting back on spending.
Britons, facing a squeeze on their disposable income due to decades-high inflation, are tightening their purse strings and limiting their spending to necessities.
That led B&M, which sells everything from food to do-it-yourself products, to warn in May that full-year profit margins would be impacted.
The company said Schmidt's starting date would be announced shortly and is expected to be no later than January 3.
"I am delighted that Mike has agreed to join B&M as group CFO," commented Peter Bamford, chairman. "His previous roles in both retail and investment banking will bring valuable experience and insight to the coard alongside the continuity provided by Alex Russo's appointment as future CEO. I look forward to working closely with Mike over the coming years."
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Russo Named Chief Executive
Schmidt will succeed group CFO Alex Russo, who will step up as chief executive officer of the British discount retailer.
FTSE-100 listed B&M in May had said Russo would replace its long-time chief executive Simon Arora, who will be retiring after more than 17 years.
Schmidt, who has held the position of financial chief at furniture retailer DFS for three years, had previously held corporate finance roles at investment banks such as Citi and UBS.
"I am excited by the opportunity to join B&M," he said. "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."
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