Ex-Morrisons boss David Potts tipped for B&M CEO role
Former Morrisons boss David Potts is among the leading contenders for the chief executive role at B&M, it has emerged.
Former Morrisons boss David Potts is among the leading contenders for the chief executive role at B&M, it has emerged.
According to The Sunday Times, Potts is reported to have been in talks with the discounter for weeks about the position, which became vacant following Alex Russo’s departure last month.
Two sources familiar with the recruitment process warned the title that no final decision has been made, and an appointment is not expected for several weeks.
Potts is hailed for his exceptional track record in retail.
Starting at Tesco nearly four decades ago, he rose from the deli counter to managing the company’s Asian operations. He became Morrisons’ chief executive in 2015 and served until 2023, stepping down after the supermarket was acquired by US private equity firm Clayton Dubilier & Rice.
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Potts is eager to return to front-line retailing. He recently attempted to take over The Range, but his offer was rejected. He would be ready to start immediately if appointed as B&M’s chief executive.
B&M has faced a challenging trading period, leading to its exit from the FTSE 100. Russo’s departure came with a profit warning of between £605m and £625m this year, down from a previous forecast of up to £650m.
B&M attributed the decline to economic uncertainty and exchange rate volatility. Some investors worry the retailer may need to cut prices to stay competitive against Tesco and Home Bargains.
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