The billionaire boss of discount giant B&M is preparing to step down later this month.
Simon Arora has led the Liverpool-headquartered business for almost two decades but will leave his role on September 26. The date has just been announced by the listed company after his departure was first revealed in April.
Mr Arora will be succeeded by chief financial officer Alex Russo but will remain on the board as an executive director until the end of his notice period in April 2023. B&M operated 21 stores when it was acquired by brothers Robin, Simon and Bobby Arora in December 2004.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
Since then, it has grown into a group of over 1,100 stores across the UK and France and is now a constituent of the FTSE100 index. Mike Schmidt, who was previously announced as the successor to Mr Russo in the role of CFO, will join the business on October 17.
According to The Sunday Times Rich List 2022, Simon, Bobby and Robin Arora saw their wealth rise by £19m to £2.543bn over the last year.
B&M has also confirmed that Tiffany Hall, who is currently a non-executive director and chair of the Remuneration Committee, will become senior independent director.
READ NEXT:
