British discount retailer B&M has announced that its CEO Simon Arora plans to retire in 12 months' time after more than 17 years leading the business.
The FTSE 100-listed firm said a succession process, led by Chairman Peter Bamford, will consider both internal and external candidates.
An 'Incredible Journey'
Commenting on his retirement, Arora said, "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."
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B&M was a regional chain of 21 stores when it was acquired by Simon and Bobby Arora in December 2004. It has since grown into a group of more than 1,100 stores across the United Kingdom and France with a market capitalisation of £5.5 billion ($7.2 billion).
'Having firmly established a strong, entrepreneurial culture and built a talented and experienced senior management team, Simon wishes to plan for retirement,' B&M said.
The group, the full name of which is B&M European Value Retail, said Bobby Arora, the group's trading director, intends to remain with the business in his current role.
'Remarkable Growth Of The Business'
Bamford thanked Arora for his leadership on behalf of the board and all stakeholders of the group and 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."