Discount store B&M European Value Retail SA (LSE:BME) has hired DFS Furniture PLC (LSE:DFS)’s finance chief Mike Schmidt as its new chief financial officer.
He will join the FTSE-100 group on a mutually agreed start date to be announced shortly and which is expected to be no later than 3 January 2023, it said.
In a separate statement, DFS said he will remain with the business as CFO to oversee the year-end results process and to ensure an orderly transition. It has immediately started a search for his successor.
Schmidt, who has been CFO of DFS Furniture for the last three years, will replace chief financial officer Alex Russo as he steps into the shoes of outgoing chief executive Simon Arora.
Before joining DFS, Schmidt spent 13 years in corporate finance roles at investment banks such as Citi and UBS.
He will be paid a base salary of £450,000 per year, including a pension equal to 3% of his salary, and will be eligible for a bonus worth up to 150% of his wage package.
“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,” said chairman Peter Bamford.
Last month, the discount retailer reported 9.1% drop in like-for-like revenue at its UK stores for the quarter to June 25, although its profit guidance for the year was unchanged.