// B&M appoints Alex Russo as CFO
// Russo will replace Paul McDonald, who is retiring after more than 10 years
B&M has poached the group finance director of Wilko, Alex Russo, to become an executive director and chief financial officer.
The discount chain said Russo will take up his new role on a mutually agreed date no later than June 2021.
He will replace Paul McDonald, who is retiring after more than 10 years in the role.
Before Wilko, Russo served as Asda’s chief financial officer for four years. He has also worked in senior roles at Tesco and Kingfisher.
“I am delighted that Alex Russo has agreed to join the Board of B&M,” chairman Peter Bamford said.
“His previous roles with leading retail businesses in the UK and internationally brings a valuable level of experience to the Board as our business continues to grow at a significant rate.
“Paul McDonald has done an excellent job in that role and we wish him well for the future.”
Last month, B&M recorded “a slower Christmas performance than anticipated” despite an uplift in sales.
Over the 13 week period to December 28, group revenue grew by 9.3 per cent.
Revenue across UK stores grew by 8.8 per cent including like-for-like growth of 0.3 per cent for the quarter, against the backdrop of a “challenging broader retail market” and “the decision not to engage in early discounting”.
B&M opened 15 new stores during the period.