B&M European Value Retail S.A. (LON:BME), the UK’s leading variety goods value retailer, has announced that Simon Arora, after over 17 years leading the business, intends to retire in 12 months’ time from his role as Chief Executive Officer and Director of the Company.
B&M was a regional chain of only 21 stores when it was acquired by Simon and Bobby Arora in December 2004. Since then, it has grown into a Group today of over 1,100 stores across the UK and France and is now a constituent of the FTSE100 index. Having firmly established a strong, entrepreneurial culture and built a talented and experienced senior management team, Simon wishes to plan for retirement. Bobby Arora, Group Trading Director, intends to remain with the business in his current role.
Over the coming year, Simon will remain fully committed to the business in his role as Chief Executive Officer, in particular to assist in a smooth transition to his successor. A succession process, led by Chairman Peter Bamford, will consider both internal and external candidates and a further announcement will be made when appropriate.
Peter Bamford, Chairman, said,
“On behalf of the Board and all stakeholders of the Group, I would like to thank Simon for his leadership over the past seventeen years. The remarkable growth of the business from its humble beginnings to where it is today reflects his exceptional passion, determination and ability. 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.”
Simon Arora, Chief Executive, 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.”