B&M CEO retires as discounter lowers profit guidance once again

B&M has revealed its chief executive Alex Russo will retire from the company next month as it cuts its profit guidance for the second time this year.

The discounter said Russo will step down at the end of April after three years in the top spot and that it has begun the search for his replacement.

In an update to the stock market, B&M said: “The board is in the advanced stages of a recruitment process to appoint a new CEO with the support of a leading executive search firm, and will provide an update in due course.”

Russo said: “I have thoroughly enjoyed my time at B&M since joining in 2020. The business has been successfully steered through the pandemic years and is now larger and stronger with group revenues increasing by almost 50% and cash distributions to shareholders in excess of £2bn during my tenure.

“It has been professionally rewarding to assemble and work with a high quality leadership team and to retire leaving growing businesses with great potential in both UK and France. I wish the board and the leadership team every success in the years ahead.”

Announcement of the Russo’s departure was joined by the group downgrading its profit outlook for the second time this year.

The retailer expects its adjusted EBITDA to fall in the range of £605m to £625m, down from the £620 to 650m guidance in its Christmas trading results, and down further from the £620 to £660m range in its half-year results.

B&M said the updated guidance “reflects the current trading performance of the business, an uncertain economic outlook and the potential impact of exchange rate volatility on the valuation of our stock and creditor balances which is a non-cash item”.

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