B&M hires DFS Furniture’s Mike Schmidt as CFO

Liverpool-based B&M European Value Retail S.A. announced that Mike Schmidt of DFS Furniture plc is to be appointed as an executive director and chief financial officer (CFO) of the group. 

Schmidt will succeed Alex Russo, who is stepping up to group chief executive officer.

Schmidt will join the group on a mutually agreed start date to be announced shortly and which is expected to be no later than January 3, 2023. 

Mike is currently executive director and group CFO of DFS Furniture plc, having been in that role for the last 3 years,” said B&M.

“He initially joined the business in March 2014 as a senior member of the finance team, later becoming chief development officer.

“DFS is the UK’s leading retailer of living room and upholstered furniture and is listed on the London Stock Exchange.

“Prior to joining DFS, Mike spent 13 years in corporate finance roles at leading investment banks including Citi and UBS, where he gained experience advising a wide range of consumer focused companies.”

B&M chairman Peter Bamford said: “I am delighted that Mike has agreed to join B&M as group CFO. 

“His previous roles in both retail and investment banking will bring valuable experience and insight to the board alongside the continuity provided by Alex Russo’s appointment as future CEO. 

“I look forward to working closely with Mike over the coming years.”

Schmidt said: “I am excited by the opportunity to join B&M.  

“It is a business that has experienced a period of rapid growth over recent years and has a clearly defined growth strategy for the future.  

“I am very much looking forward to contributing to its ongoing success.”

Schmidt will will receive a base salary of £450,000 per annum.

He will be eligible for participation in the B&M Annual Incentive Plan with a maximum bonus opportunity per annum of 150% of base salary. 

Schmidt will also be eligible for participation in the B&M Share Option Long Term Incentive Plan. The annual grant of share options under the LTIP will ordinarily be based on 175% of base salary. 

B&M has also agreed buy-out arrangements to compensate for the forfeiture of incentive compensation from Schmidt’s current employment.