BRITAIN'S billionaire businessman Simon Arora will step down as the CEO and director of B&M after steering the discount retailer for 17 years.
In a filing to the London Stock Exchange, the company announced that Arora will retire in 2023, meaning that it has a year’s time to find a successor.
B&M was a regional chain with only 21 stores when it was acquired by Arora and his brother Bobby in December 2004.
It has grown into a group since then, with more than 1,100 stores across the UK and France and is now a constituent of the FTSE100 index.
“Over the coming year, Simon will remain fully committed to the business in his role as the chief executive officer, in particular, to assist in a smooth transition to his successor”, the company said.
Both internal and external candidates are considered to succeed Arora, 52, who is credited for having established a “strong, entrepreneurial culture” and building a talented senior management team.
"It has been a privilege to lead B&M for 17 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," he said.
Bobby, 50, the group’s trading director, will continue in his current role.
Chairman Peter Bamford praised Arora’s contribution to the “remarkable growth of the business from its humble beginnings to where it is today that reflects “his exceptional passion, determination and ability”.
Investors reacted negatively after the announcement of Arora’s retirement plans as the company stock tanked more than six per cent on the bourse on Friday (22) to close at 516.6p.
The discount retailer had emerged as a winner of the pandemic and in January this year, it reported its “best ever” Christmas season sale.
The Aroras - Simon and Bobby together with their other sibling Robin - were ranked sixth in the 2021 edition of the Asia Rich List with a total wealth of £2.4 billion.
