B&M boss Simon Arora to step down after 17 years leading retailer
B&M has announced its chief executive Simon Arora is stepping down after more than 17 years at the helm of the variety goods retailer.
Arora will retire from his role in a year as the retailer begins a recruitment drive for his replacement.
Alongside his brother Bobby, Arora snapped up B&M when its estate boasted 21 stores in 2004.The FTSE 100 firm now owns more than 1,100 stores across the UK and France.
Simon Arora said: “It has been a privilege to lead B&M for seventeen years and I am immensely proud of the incredible journey that we have been on. B&M’s value for money proposition remains as relevant and compelling to shoppers today as it has ever been. I would like to thank all 38,000 members of the B&M family for their hard work and commitment both now and as we continue our expansion.”
Chairman Peter Bamford will head a succession process, with both internal and external candidates to be considered.
Bamford thanked Arora for his leadership on behalf of the board and group stakeholders. “The remarkable growth of the business from its humble beginnings to where it is today reflects his exceptional passion, determination and ability,” he added.
“Moreover, he has established a firm foundation from which the group will continue to deliver its successful growth strategy and great value for its customers. We are all very grateful for his tireless efforts and he will leave us next year with our best wishes for the future.”
Bobby Arora will remain with the business in his current role as group trading director.