Liverpool-based B&M European Value Retail said on Wednesday that its chief financial officer (CFO) Mike Schmidt will also act as interim chief executive officer (CEO) while the firm searches for a new CEO.

“As announced on 24 February 2025, Alex Russo will be retiring as Group Chief Executive Officer and as a Director of the Company with effect from today,” said B&M.

“The Board continues to make good progress on CEO succession and will update the market as soon as the recruitment process has concluded.

“In the intervening period, the Board has appointed Mike Schmidt to act as interim CEO, alongside his role as CFO.”

On April 15, B&M said group revenues rose 3.7% to £5.6 billion in the 52 weeks to March 29, 2025, “with revenue growth from new store performance and positive like-for-like (LFL) sales in France offsetting negative LFL performance in B&M UK and Heron Foods.”