B&M retail poaches DFS Furniture’s CFO amid inflation concerns
The chief financial officer (CFO) of DFS Furniture has been poached by B&M Retail S.A., after steering the sofa retailer through the turbulent pandemic period.
Mike Schmidt, who will also step onto the board as an executive director, is expected to take up the new position by the beginning of next year.
The ex-Citi and UBS veteran will succeed group CFO Alex Russo, who announced in late May that he would be taking up the help as chief executive officer.
A replacement for the outgoing CFO is yet to announced, though Schmidt will remain in place to oversee DFS’ end of year results and the search for a successor.
The listed furniture company had previously announced an underlying profit before tax and brand amortisation of some £57m to £62m, on June 9.
DFS chair Ian Durant said Schmidt had helped navigate DFS through “significant challenge, including the impact of Covid-19, and leaves a resilient business well placed to grow in the UK.”
It comes at a time when consumers are pinching at their purse strings, less reluctant to spend money on new furniture as inflation hits a 40-year high of 9.1 per cent.
Schmidt added: “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.”