REG - B&M European - Group Trading Director Retention Agreement

B&M European Value Retail SAAnnouncement

28/07/2023 07:00

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RNS Number : 4792H  B&M European Value Retail S.A.  28 July 2023

 

 

 

28 July 2023

 

B&M European Value Retail S.A.

Group Trading Director Retention Agreement

 

 

B&M European Value Retail S.A. ("the Company") is making the announcement
below under Chapter 11 of the Listing Rules. The agreement referred to below
constitutes a smaller related party transaction under LR 11.1.10 R. The
Company has received confirmation from a sponsor that the terms of the
agreement are fair and reasonable as far as shareholders of the Company are
concerned.

 

The Company has entered into an agreement with Bobby Arora, Group Trading
Director, which will secure his commitment to the Company until at least March
2026. Bobby has played an instrumental role in developing the B&M customer
proposition and delivering the Company's long term growth and profitability.
However, as Bobby is not an Executive Director on the Board, he has
historically not received a performance-based long term incentive plan award.
The Board believes that continuing to align his interests with those of
B&M is important to the long-term success of the business and has
therefore entered into an agreement with Bobby which will deliver cash bonus
payments over and above his normal remuneration package. The maximum
additional bonus payable to Bobby Arora is £16m over a three year period
through to the end of FY26 and is subject to a number of financial and
performance criteria.

 

Following the smooth and successful Chief Executive succession last year, this
retention package will ensure that B&M continues have a strong leadership
team in place which will enable the Company to offer customers exceptional
value for money and deliver long term value to all shareholders.

 

 

 

 

Enquiries

 

B&M European Value Retail S.A.

Alex Russo, Chief Executive Officer

Mike Schmidt; Chief Financial Officer

investor.relations@bandmretail.com (mailto:investor.relations@bandmretail.com)

 

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