Discounter B&M has hired DFS CFO Schmidt to head finance (Paul Faith/PA)
(Picture: PA Archive)Value retailer B&M has poached Mike Schmidt the chief financial officer of furniture retailer DFS to head its own finance team.
The former UBS and Citi senior executive will succeed group CFO Alex Russo who was appointed in late May as CEO of the company replacing industry titan B&M boss and co-founder Simon Arora.
Schmidt will also take a board position at B&M as an executive director and is expected to take up the CFO post by the beginning of next year.
He said: “I am excited by the opportunity to join B&M. It is a business that has experienced a period of rapid growth over recent years and has a clearly defined growth strategy for the future. I am very much looking forward to contributing to its ongoing success.”
Peter Bamford, chairman of B&M, 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.”
DFS said that Schmidt would remain at the business as finance head to oversee the year-end results process and to ensure an “orderly transition”.
The company said that it would start the search for his successor immediately.
Tim Stacey, boss of DFS, said: “Mike has been instrumental in the growth of our company and supporting the board through the external challenges we have faced over the last few years.”
The company said that Schmidt had been key to steering it through the “impact of Covid-19”.
However, last month DFS issued a profit warning as the furniture group struggled with supply chain disruption and dwindling customer demand.
It said it expected full-year profits to be £57 million to £62 million, down from previously estimated revenues of £66 million to £76 million.
