British discount chain B&M has announced that its chairperson Peter Bamford will retire in 2024, after nearly six years in the role.
The FTSE 100 group, which sells everything from toys to frozen food and garden furniture, said the recruitment process for a successor will commence with immediate effect, and that Bamford's retirement date has not been set yet
Commenting on his retirement, Bamford said, "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."
'A Great Business Partner'
Alex Russo, CEO of B&M 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."
Earlier this month, B&M maintained its full-year profit outlook as it reported a 5.0% rise in revenue over the Christmas quarter, even as its growth slowed.
The company said in the 14 weeks to 30 December, its fiscal third quarter, like-for-like revenue growth in the main B&M UK business was 1.2%.
News by Reuters, additional reporting by ESM.