(Alliance News) - B&M European Value Retail SA on Friday said it has secured the services of Trading Director Bobby Arora for another three years at an extra cost of GBP16 million.
Together with Simon Arora, who stepped down as chief executive officer last year, Bobby Arora bought B&M in 2004 and expanded it from a regional UK chain of 21 stores to a FTSE 100 constituent with 1,100 stores across the UK and France.
Simon Arora was replaced by Alex Russo as CEO. Bobby Arora remained as trading director but isn't on the board.
As part of his commitment to stay with the company until at least March 2026, Bobby Arora will receive an additional bonus of up to GBP16 million over the three years, which runs to the end of B&M's financial year 2026.
"Bobby has played an instrumental role in developing the B&M customer proposition and delivering the company's long term growth and profitability," the company explains, adding:
"Following the smooth and successful chief executive succession last year, this retention package will ensure that B&M continues have a strong leadership team in place."
B&M shares were down 1.3% to 550.64 pence early Friday in London. The stock is up 35% over the past 12 months.
By Tom Waite, Alliance News editor
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