B&M named DFS Furniture's chief financial officer Mike Schmidt as its new finance boss on Tuesday, at a time when the discount retailer's profit margins are expected to take a hit from UK households cutting back on spending.
Britons, facing a squeeze on their disposable income due to decades-high inflation, are tightening their purse strings and limiting their spending to necessities. That led B&M, which sells everything from food to do-it-yourself products, to warn in May that full-year profit margins would be impacted.
Staring Date
The company said Schmidt's starting date would be announced shortly and is expected to be no later than 3 January.
Schmidt will succeed group CFO Alex Russo, who will step up as chief executive officer of the British discount retailer.
FTSE-100 listed B&M in May had said Russo would replace its long-time Simon Arora, chief executive officer, who will be retiring after more than 17 years.
Schmidt, who has held the position of financial chief at furniture retailer DFS for three years, had previously held corporate finance roles at investment banks such as Citi and UBS.
Read More: UK Retailer B&M Names CEO Arora's Successor; Warns On Profit Margin
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