B&M Bargains

B&M is on the hunt for a new chairman after Peter Bamford informed the board of his intention to retire this calendar year.

Bamford has been B&M’s chairman for six years, a period of growth that saw it break into the FTSE 100 in 2020.

Bamford, a former director of Vodafone from 1998 to 2006, took over as B&M chairman in March 2018 from Terry Leahy.

“It has been a privilege to chair B&M over the last six years,” said Bamford. “I have thoroughly enjoyed working with both current CEO Alex Russo and his predecessor Simon Arora, as well the rest of my board colleagues.

“The business has laid strong foundations and is trading well. B&M has a high‐class leadership team in place, and we have managed succession to all the key board positions over the last two years.

“While I will miss B&M when I step down as chair, I feel that now is a good time for the company to commence the process of transition to a new chair.”

B&M said an executive search firm had been appointed and a recruitment process would commence with immediate effect, led by the retailer’s independent non-executive director Tiffany Hall.

Bamford’s retirement date has not yet been set and in the meantime he is to continue serving as chairman to ensure an orderly handover to his successor in due course.

B&M CEO Alex Russo said: “Peter has been a great business partner since I joined the business in 2020. I have thoroughly enjoyed working with him, both personally and professionally.

“His unrelenting drive in reinforcing the B&M culture at board level has been of the first order. We wish him all the best in his next personal project.”