B&M has revealed that the chief financial officer of DFS is to join the discount retail giant.
Mike Schmidt will become the Liverpool-headquartered group's new CFO on a "mutually agreed start date to be announced shortly" and which is expected to be no later than January 3, 2023.
Mr Schmidt has been in his current role at DFS for the last three years, having first joined the business in March 2014 as a senior member of the finance team, later becoming chief development officer.
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Prior to joining DFS, he spent 13 years in corporate finance roles at investment banks including Citi and UBS.
He will succeed Alex Russo as group CFO, who will be stepping up to group chief executive.
Mr Schmidt said: "I am excited by the opportunity to join B&M. It is a business that has experienced a period of rapid growth over recent years and has a clearly defined growth strategy for the future. I am very much looking forward to contributing to its ongoing success."
Chairman Peter Bamford added: "I am delighted that Mike has agreed to join B&M as group CFO.
"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. I look forward to working closely with Mike over the coming years."
Ian Durant, chair of DFS, said: "I would like to thank Mike for his leadership as CFO.
"He has helped to navigate DFS through a period of significant challenge, including the impact of Covid-19, and leaves a resilient business well placed to grow in the UK."
Tim Stacey, CEO of DFS, added: "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."
