B&M hires DFS finance head Schmidt as CFO
Worth retailer B&M has poached Mike Schmidt the chief financial officer of furniture retailer DFS to head its personal finance group.
The former UBS and Citi senior executive will thrive group CFO Alex Russo who was appointed in late May as CEO of the enterprise changing industry titan B&M manager and co-founder Simon Arora.
Schmidt will also get a board position at B&M as an executive director and is anticipated to acquire up the CFO submit by the starting of future calendar year.
He said: “I am excited by the opportunity to be part of B&M. It is a company that has professional a interval of fast development about modern many years and has a clearly defined advancement strategy for the foreseeable future. I am incredibly significantly looking forward to contributing to its ongoing success.”
Peter Bamford, chairman of B&M, explained: “I am delighted that Mike has agreed to join B&M as group CFO. His past roles in both retail and investment decision banking will carry valuable expertise and insight to the board alongside the continuity provided by Alex Russo’s appointment as long run CEO.”
DFS stated that Schmidt would remain at the business enterprise as finance head to oversee the year-stop results procedure and to be certain an “orderly transition”.
The organization reported that it would start the search for his successor immediately.
Tim Stacey, boss of DFS, claimed: “Mike has been instrumental in the expansion of our business and supporting the board through the exterior challenges we have confronted above the previous few decades.”
The business mentioned that Schmidt had been vital to steering it by the “impact of Covid-19”.
Nevertheless, very last month DFS issued a earnings warning as the household furniture team struggled with offer chain disruption and dwindling client desire.
It claimed it anticipated total-12 months earnings to be £57 million to £62 million, down from earlier believed revenues of £66 million to £76 million.
