Liverpool-based FTSE 100 firm B&M European Value Retail S.A. announced that Peter Bamford, chairman of the firm since March 2018, has informed the board of his intention to retire during this calendar year.

B&M said an executive search firm has been appointed and a recruitment process for a new chair will commence with immediate effect led by senior independent director Tiffany Hall.

“A retirement date has not yet been set and, in the meantime, Peter will continue to serve as chairman of B&M and ensure an orderly handover to his successor in due course,” said B&M.

Bamford said: “It has been a privilege to chair B&M over the last 6 years. I have thoroughly enjoyed working with both current CEO Alex Russo and his predecessor Simon Arora, as well the rest of my board colleagues.

“The business has laid strong foundations and is trading well. B&M has a high-class leadership team in place, and we have managed succession to all the key board positions over the last two years.

“While I will miss B&M when I step down as chair, I feel that now is a good time for the company to commence the process of transition to a new chair.”

Russo said: “Peter has been a great business partner since I joined the business in 2020.

“I have thoroughly enjoyed working with him, both personally and professionally.

“His unrelenting drive in reinforcing the B&M culture at board level has been of the first order. We wish him all the best in his next personal project.”