REG - B&M European - Management Succession and Board Update

B&M European Value Retail SAAnnouncement

15/09/2022 08:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220915:nRSO5717Za&default-theme=true

RNS Number : 5717Z  B&M European Value Retail S.A.  15 September 2022

 

 

 

15 September 2022

B&M European Value Retail S.A.

 

Management Succession and Board Update

 

 

B&M European Value Retail S.A. ("the Group"), the UK's leading variety
goods value retailer, announced on 31 May 2022 that Alex Russo (currently
Group Chief Financial Officer "CFO") would succeed Simon Arora as Group Chief
Executive Officer ("CEO"). The Group today confirms that Alex will become CEO
on 26 September 2022, the commencement of the second half of the Group's
financial year. At that point Simon Arora, who announced his intention to step
down as CEO on 22 April 2022, will retire as CEO but continue to serve the
Board as an Executive Director until the end of his notice period in April
2023.

 

Mike Schmidt, who was previously announced as the successor to Alex Russo in
the role of CFO, will join the business on 17 October 2022. In the short
period between Alex's appointment as CEO taking effect on 26 September 2022
and Mike joining as CFO on 17 October 2022, Alex will retain responsibility
for his current role and will be supported in that work by Peter Waterhouse as
Group Financial Controller.

 

On 18 August 2022, the Group announced that Ron McMillan (currently Senior
Independent Director and Chair of the Audit and Risk Committee) would be
retiring as a Director at the conclusion of the Company's AGM in July 2023 and
that Oliver Tant would be appointed to the Board in November 2022 and would
succeed Ron as Chair of the Audit and Risk Committee when he retires from the
Board. The Group now confirms that Tiffany Hall, currently Non-Executive
Director and Chair of the Remuneration Committee, will become Senior
Independent Director when Ron retires from the Board.

 

Since there is currently no vacancy in the office of a Director, in accordance
with Luxembourg law, Mike Schmidt's and Oliver Tant's appointments to the
Board are required to be approved by resolutions of shareholders at a general
meeting of the Company. Accordingly, an Ordinary General Meeting of
shareholders will be convened for 31 October 2022 (the "Meeting") for that
purpose. Subject to their appointments being approved at the Meeting, both
appointments to the Board will take effect on 1 November 2022. Further
announcements will be made to confirm when the notice of the Meeting has been
sent to shareholders and, following the Meeting, to confirm the outcomes of
the votes.

 

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

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)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOALAMFTMTBBMLT