B&M CEO to step down as retailer cuts profit guidance
B&M has announced that Alex Russo is stepping down as group chief executive and as a director of the business as the retailer cuts its profit guidance.
With the change due to take effect from 30 April, B&M also said that it is working with a leading executive search firm to find his successor and is now in the advanced stages of a recruitment process.
Russo became chief executive of the variety retailer in September 2022 after initially joining as chief financial officer in October 2020.
Prior to that, he held senior roles at Walmart, Tesco, Kingfisher and Boots.
Tiffany Hall, chair of the B&M board, said: “I would like to thank Alex for his commitment, energy, dedication and hard work since joining the business in 2020 and, in particular, since becoming CEO in September 2022.
“Alex has increased our store footprint in both UK and France and driven a relentless focus on high operational standards and low costs, enabling the company to provide great products and everyday low prices to our customers whilst generating continued strong cash returns for our shareholders. We wish him well for the future.”
B&M has also confirmed that its full year group adjusted EBITDA (pre-IFRS 16) is now expected to be in the range of £605 million to £625 million, compared to a previous trimmed guidance of £620 million to £650 million.
It added that this reflects an “uncertain economic outlook and the potential impact of exchange rate volatility on the valuation of our stock and creditor balances.”
