Discount retailer B&M has announced that Alex Russo has advised the Board of his intention to retire as Group Chief Executive and a Director of the Company with effect from 30 April 2025.

The Board is in the advanced stages of a recruitment process to appoint a new CEO with the support of a leading executive search firm, and will provide an update in due course.

B&M has also updated its profit guidance range, with FY25 Group adjusted EBITDA now expected to be in the range of £605m to £625m, which reflects the current trading performance of the business, an uncertain economic outlook and the potential impact of exchange rate volatility on the valuation of its stock and creditor balances.

Tiffany Hall, Chair of the Board, said: “I would like to thank Alex for his commitment, energy, dedication and hard work since joining the business in 2020 and, in particular, since becoming CEO in September 2022.

“Alex has increased our store footprint in both UK and France and driven a relentless focus on high operational standards and low costs, enabling the Company to provide great products and everyday low prices to our customers whilst generating continued strong cash returns for our shareholders. We wish him well for the future.”

Alex Russo said: “I have thoroughly enjoyed my time at B&M since joining in 2020. The business has been successfully steered through the pandemic years and is now larger and stronger with group revenues increasing by almost 50% and cash distributions to shareholders in excess of £2.0 billion during my tenure.

“It has been professionally rewarding to assemble and work with a high quality leadership team and to retire leaving growing businesses with great potential in both UK and France. I wish the Board and the leadership team every success in the years ahead.”