B&M European Value Retail SA (LSE:BME) shares traded flat on Wednesday as the company confirmed its chairman Peter Bamford will be stepping down after six years in the role.
Bamford, who has served as the company's chairman since March 2018, declared his intention to retire within the current calendar year in a company statement.
As part of the transition, the discount retailer has begun a search, led by Tiffany Hall, the company's senior independent director, for a replacement.
Bamford played a pivotal role in steering the company through various phases of growth and establishing a robust foundation for its future.
Shares are up more than 25% since Bamford took charge of the board, despite having to contend with the pandemic and cost-of-living crisis.
Alex Russo, who joined B&M in 2020 as CFO before being promoted to CEO in 2022, praised Bamford's contribution to the company.
In a statement, he 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 the board level has been of the first order. We wish him all the best in his next personal project.”