// B&M poaches DFS finance boss Mike Schmidt
// Schmidt will depart from the furniture retailer after eight years
B&M has poached DFS chief financial officer Mike Schmidt, who will also step onto the board as an executive director.
Schmidt is expected to take up the new finance position at B&M by the beginning of next year.
He has previously worked at Citi and UBS and will succeed group chief financial officer Alex Russo.
READ MORE: B&M sales fall in the first quarter
Russo revealed in late May that he would be leading the company as chief executive.
A replacement for the outgoing CFO is yet to revealed while Schmidt remains in his role to oversee DFS’ end of year results and the search for a successor.
DFS chair Ian Durant said Schmidt had helped navigate DFS through “significant challenge, including the impact of Covid-19, and leaves a resilient business well placed to grow in the UK”.
Schmidt added: “I am very proud of the business DFS has become. In stepping down after eight years with the Company, I know DFS is in a strong position. It is the right time for me to pursue a new challenge.”
DFS chief executive, Tim Stacey said: “Mike has been instrumental in the growth of our Company and supporting the Board through the external challenges we have faced over the last few years. We all wish him every success for the future.”
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