High street veteran Sir Terry Leahy steps down at B&M
High street doyen Sir Terry Leahy is stepping down as chairman of discount chain B&M next year after five years in the role, it was announced yesterday.
Leahy, the former chief executive of Tesco, said it had been “a privilege to have been part of one of the most exciting emerging retail growth stories of the past decade”.
He will be replaced on 1 March by Peter Bamford, chairman of Superdry-owning fashion firm Supergroup.
Simon Arora, chief executive of B&M, said: “I would like to thank Sir Terry warmly on behalf of everyone at B&M for his great contribution and his wise counsel over the last few critically important years in the company’s transition into a major force in our industry.”
He added that Bamford was an “able, experienced public company chairman, with a proven personal record of success in consumer and retail”.
The announcement came as the group reported a 17.8 per cent rise in pre-tax profits to £86.8 million for the six months to 23 September after like-for-like sales lifted by 7.5 per cent. During Leahy’s time as chairman, B&M has seen its sales skyrocket to £2.7 billion from £993m, as its footprint has expanded from 331 stores to nearly 900, while profits have more than doubled to £204m from £83m.
He also steered the group through its successful stock market flotation in 2014 and initial overseas expansion.