B&M names Mike Schmidt as CFO

Variety goods value retailer B&M European Value Retail named Mike Schmidt as its next chief financial officer on Tuesday, succeeding Alex Russo.

Schmidt, currently the CFO of DFS Furniture, will join the group no later than 3 January 2023. As for Russo, he will step up to the role of group chief executive officer.

Chairman Peter Bamford said: "I am delighted that Mike has agreed to join B&M as group CFO. His previous roles in both retail and investment banking will bring valuable experience and insight to the board alongside the continuity provided by Alex Russo's appointment as future CEO. I look forward to working closely with Mike over the coming years."

DFS stated Schmidt will remain with the business to oversee its year-end results process and ensure an orderly transition, with its search for a successor set to commence immediately.

The London-listed furniture retailer added that it now expects profitability to be in "the upper half" of the guidance for underlying pre-tax profits and brand amortisation of £57.0m-£62.0m.

Reporting by Iain Gilbert at Sharecast.com