Discount chain B&M’s chief executive is to leave the chain. It has also again warned that profits will be lower than forecast.
Alex Russo will retire from the company at the end of April after three years in the role.
The chain says it is ‘in the advanced stages of a recruitment process.’
‘I have thoroughly enjoyed my time at B&M since joining in 2020. The business has been successfully steered through the pandemic years and is now larger and stronger with group revenues increasing by almost 50% and cash distributions to shareholders in excess of £2bn during my tenure,’ says Russo.
‘It has been professionally rewarding to assemble and work with a high quality leadership team and to retire leaving growing businesses with great potential in both UK and France. I wish the board and the leadership team every success in the years ahead.’
The announcement of Russo’s departure came alongside a second profits downgrade this year. EBITDA is expected to be £605m-£625m, £25m lower than forecast at the time of its Christmas trading update and £35m off the half-year forecast.
