Sofa retailer DFS has announced the resignation of Mike Schmidt, chief financial officer (CFO), as he prepares to join value retailer B&M.
Mike has been in the role at for the past three years, while also serving eight years at DFS. He will join B&M in the position of CFO following a period of transition and will oversee the year-end results process.
DFS confirmed a search for Mike’s successor will commence immediately.
The company also added that it now expects profitability to be in the upper half of the range for underlying profit before tax and brand amortisation previously indicated, due to the successful completion of expected deliveries.
The range previously disclosed on 9 June 2022 was between £57-£62m.
Ian Durant, Chair of DFS, commented: “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.”
Mike Schmidt commented on his time at DFS, while also on his new position: “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.
“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.”
Mike will succeed Alex Russo as Group CFO at B&M, who will be stepping up to Group Chief Executive Officer, as previously announced on 31 May 2022.
It is expected that Mike will officially join no later than 3 January 2023.
Peter Bamford, B&M Chairman, said: “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.”