Discount retail giant B&M has revealed when its billionaire chief executive will step down.
Simon Arora will be succeeded by chief financial officer Alex Russo on September 26. The move comes after his departure was first announced in April.
Mr Arora will remain on the board of the Liverpool-headquartered company as an executive director until the end of his notice period in April 2023.
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He has led the discount retail giant for more than 17 years. B&M operated 21 stores when it was acquired by brothers Simon and Bobby Arora in December 2004.
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.
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.
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