REG - B&M European - CEO Succession

B&M European Value Retail SAAnnouncement

31/05/2022 07:00

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RNS Number : 2983N  B&M European Value Retail S.A.  31 May 2022

 

 

 

31 May 2022

B&M European Value Retail S.A.

 

CEO Succession

 

 

Following the announcement on 22 April 2022 that Simon Arora intends to retire
as Chief Executive Officer ("CEO") in 12 months from that date, B&M
European Value Retail S.A. ("the Group") is pleased to announce the
appointment of Alex Russo as his successor.  Alex is currently Chief
Financial Officer ("CFO") of the Group and will succeed Simon on a date to be
confirmed in due course.

 

The appointment of Alex reflects the outcome of a thorough assessment and
external benchmarking process over the last six weeks in which the Board was
assisted and advised by Russell Reynolds Associates.

 

Alex has considerable relevant experience across the Grocery, General
Merchandise and discount retail sectors both in the UK and internationally.
This has included senior leadership positions at retailers such as Asda, Tesco
plc and Kingfisher plc.  Since he joined the Group in October 2020 he has
demonstrated impressive commercial acumen and operational management skills in
addition to being a highly capable CFO.  The appointment of an internal
candidate reflects the strengthening of the senior leadership team over the
past few years.

 

The Board will now consider the most appropriate handover plan. A process to
recruit a successor to Alex as CFO has already begun.  In the meantime, both
Simon and Alex will remain in their existing roles in order to minimise
disruption to the business.  A further announcement will be made when
appropriate.

 

Peter Bamford, Chairman, said,

"On behalf of the Board, I am delighted to announce Alex Russo as successor to
Simon Arora as CEO of B&M.  Since joining the Group, Alex has made a very
positive contribution to the business.  He has demonstrated strong leadership
skills and a deep appreciation of the B&M culture and business model,
making him the outstanding candidate for the role.

 

I would once again like to thank Simon for his role in the remarkable growth
story of B&M.  He has brought exceptional clarity, focus and consistency,
all of which have been fundamental to its success.  I will miss working with
him when he does step down, but I am also very much looking forward to working
more closely with Alex when he becomes CEO."

 

Simon Arora said,

"I would like to thank all our colleagues and stakeholders for their support
over the last seventeen years. It has been an honour to lead B&M and
together build such a large and popular retailer. I believe that Alex is
uniquely well placed to continue B&M's success and I will work hard to
ensure a smooth transition."

 

Alex Russo said,

"It is a privilege to have the opportunity to build on Simon's legacy and lead
this fantastic business in the years ahead.  We have a well-founded strategy,
a very strong customer proposition and significant opportunities for further
growth ahead of us.  Along with the support of the Board, I look forward to
working together with Bobby Arora and the rest of the senior management team
in the years ahead."

 

Remuneration

Alex Russo's remuneration package will consist of a basic salary, benefits and
variable incentive arrangements which are in line with the Group's
Remuneration Policy. The key elements of the remuneration package are as
follows:

 

·     Base salary of £800,000.

·     Pension contribution of 3.0% of base salary in line with our
Remuneration Policy and the outgoing CEO's remuneration package.

·     An annual bonus maximum award of 200% of base salary, in line with
our Remuneration Policy and the outgoing CEO's remuneration package.

·     A LTIP maximum of 200% of base salary in line with our Remuneration
Policy and the outgoing CEO's remuneration package.

·     Benefits will also be in accordance with the Remuneration Policy
set out in the 2021 Annual Report and Accounts and approved by shareholders at
the 2021 AGM.

 

This announcement contains inside information which is disclosed in accordance
with the Market Abuse Regulation. There is no further information to be
disclosed in accordance with Listing Rule 9.6.13.

 

B&M European Value Retail S.A.

For further information please contact +44 (0) 151 728 5400 ext. 5763

Simon Arora, Chief Executive

Alex Russo, Chief Financial Officer

Jonny Armstrong, Head of Investor Relations

Investor.relations@bandmretail.com

 

Media

For media please contact +44 (0) 207 379 5151

Sam Cartwright, Maitland

bmstores-maitland@maitland.co.uk (mailto:bmstores-maitland@maitland.co.uk)

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