B&M boss Sir Terry Leahy steps down after five years leading discount retailer
SIR Terry Leahy is checking out as chairman of B&M after five years in which he steered the discount retailer on to the stock market and oversaw rapid expansion.
The ex-Tesco boss will be succeeded next March by Peter Bamford, who chairs Superdry fashion brand owner SuperGroup.
B&M’s shares have risen by more than 40 per cent since its fl oat in June 2014.
Pre-tax profit is up from about £83 million to £204 million, with sales up from £993 million to £2.67 billion as stores increased from 331 to 893.
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The business is very well-positioned for continued growth and success in the future
Sir Terry said: “It has been a great privilege to have been part of one of the most exciting emerging retail growth stories of the past decade in an industry undergoing profound structural change.
"In particular, it has been a real pleasure to work with such a talented, innovative management team.
"The business is very well-positioned for continued growth and success in the future."
Simon Arora, chief executive of B&M, said: “I would like to thank Sir Terry warmly on behalf of everyone at B&M for his great contribution and his wise counsel over the last few critically important years in the company’s transition into a major force in our industry.”
