B&M European Value Retail SA on Tuesday appointed DFS Furniture PLC’s Mike Schmidt as its new chief financial officer.
Schmidt has been at the sofa seller for eight years. He joined in 2014 as a senior member of the finance team and was promoted to CFO in 2019.
Schmidt is succeeding Alex Russo, who will be stepping up to the role of chief executive officer at B&M to replace Simon Arora.
A start date for Schmidt at the value retailer is to be confirmed, though it is expected to be no later than January 3. DFS added that Schmidt will remain with the company to oversee its year-end results and ensure an ‘orderly transition’.
A search for Schmidt’s successor will begin immediately, DFS said.
In addition, the sofa seller lifted its outlook. It now expects underlying pretax profit before brand amortisation at the upper half of a £57 million to £62 million guidance range.
B&M Chair 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.’
Shares in B&M were up 0.8% at 368.40 pence in London early Tuesday, while DFS was up 0.9% at 154.40p.
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