B&M Bargains Looks For New CEO
Simon Arora is set to step down as B&M Bargains’ CEO after 17 years in the role. Arora said he will step down in 12 months, allowing the discount retail company time to find his replacement.
During his time as head of B&M, which he bought with his brother in 2004, Arora has turned the retailer into an FTSE 100 giant, with 1,100 stores across the UK and France. However, Arora has faced criticism for basing the company in Luxembourg, where corporate tax rates are lower than those in the UK.
Speaking of Arora, B&M chairman Peter Bamford commented, “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.”
Meanwhile, Arora 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.”