Retail legend Sir Terry Leahy is retiring from his post as chairman of bargain retailer B&M Group, it was announced today.
He will be succeeded by Peter Bamford, who is also currently chairman of SuperDry owner SuperGroup.
Leahy has spent five years in the post at B&M, during a period of rapid growth for the company. This year it entered the convenience retail market with its acquisition of Heron Foods.
"It has been a great privilege to have been part of one of the most exciting emerging retail growth stories of the past decade in an industry undergoing profound structural change," said Leahy. "In particular, it has been a real pleasure to work with such a talented, innovative management team. The business is very well-positioned for continued growth and success in the future."
The announcement coincided with another strong set of results for B&M, as like-for-like sales jumped 7.7 per cent in the second quarter.
The unexpected rise was "a function of better store standards, improved offer, and trading down from customers in general" according to analysts at Peel Hunt.
The only cause for investor concern was a decrease in the profitability of the German business Jawoll, but analysts were impressed by B&M's immediate action, bringing forward a succession plan for the CEO, who is to be replaced by Christian Müller, who was until recently Action's country manager for Germany.
Shares in B&M were down just over one per cent before lunchtime.