Last checked at 28 Jul 2023 07:00
28 July 2023
B&M European Value Retail S.A.
Group Trading Director Retention Agreement
B&M European Value Retail S.A. ("the Company") is making the announcement below under Chapter 11 of the Listing Rules. The agreement referred to below constitutes a smaller related party transaction under LR 11.1.10 R. The Company has received confirmation from a sponsor that the terms of the agreement are fair and reasonable as far as shareholders of the Company are concerned.
The Company has entered into an agreement with Bobby Arora, Group Trading Director, which will secure his commitment to the Company until at least March 2026. Bobby has played an instrumental role in developing the B&M customer proposition and delivering the Company's long term growth and profitability. However, as Bobby is not an Executive Director on the Board, he has historically not received a performance-based long term incentive plan award. The Board believes that continuing to align his interests with those of B&M is important to the long-term success of the business and has therefore entered into an agreement with Bobby which will deliver cash bonus payments over and above his normal remuneration package. The maximum additional bonus payable to Bobby Arora is £16m over a three year period through to the end of FY26 and is subject to a number of financial and performance criteria.
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 which will enable the Company to offer customers exceptional value for money and deliver long term value to all shareholders.
Enquiries
B&M European Value Retail S.A.
Alex Russo, Chief Executive Officer
Mike Schmidt; Chief Financial Officer
investor.relations@bandmretail.com