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LUXEMBOURG - B&M European Value Retail S.A. has announced a revision to its financial guidance for FY25 and the upcoming retirement of its Group Chief Executive, Alex Russo. Russo will step down from his role and as a Director of the company effective April 30, 2025. The Board is nearing the conclusion of a search for a new CEO with the assistance of an executive search firm and expects to provide an update soon.
The discount retailer has adjusted its FY25 Group adjusted EBITDA (pre-IFRS 16) forecast to be between £605 million and £625 million. This update reflects the current business performance, a volatile economic climate, and potential exchange rate fluctuations affecting stock valuation and creditor balances, which are non-cash items. The company will share its FY25 Post Close Trading Update at the end of April 2025.
Tiffany Hall, the Chair of the Board, expressed gratitude to Russo for his service since joining in 2020 and his leadership as CEO since September 2022. Under Russo’s tenure, B&M expanded its store presence in the UK and France, maintained high operational standards and low costs, and delivered strong cash returns to shareholders.
Russo commented on his tenure, highlighting the company’s growth and the successful navigation through the pandemic, resulting in a nearly 50% increase in group revenues and over £2 billion in cash distributions to shareholders.
The remuneration committee has decided Russo will be eligible for the annual bonus for the current financial year and retain his share plan awards. His remuneration, bonus, share plan treatment, and severance terms will align with his service agreement and the Directors’ Remuneration Policy approved by shareholders in July 2024, with details to be included in the FY25 Annual Report.
This announcement is based on a press release statement and aims to present the facts regarding the company’s leadership transition and financial outlook.
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