B&M to retain Bobby Arora to end of 2026 period

by | Jul 28, 2023

(Sharecast News) – B&M European Value Retail announced on Friday that it had reached an agreement to secure the commitment of group trading director Bobby Arora until at least March 2026.
The FTSE 100 discount retailer said Arora had been an instrumental figure in shaping the company’s customer proposition, and driving its long-term growth and profitability.

It said that despite his significant contributions, Arora had not been eligible for a performance-based long-term incentive plan award due to his non-executive status on the board.

In a bid to align his interests with those of B&M for the continued success of the business, the board said it had entered into an agreement with Arora.

Under the agreement, Bobby Arora would be entitled to receive cash bonus payments in addition to his regular remuneration package.

The maximum additional bonus he would receive would be £16m over a three-year period, through to the end of the 2026 financial year.

However, the bonus would be subject to a number of financial and performance criteria, ensuring that it was tied to the company’s ongoing success and Arora’s continued contributions.

“Following the smooth and successful chief executive succession last year, this retention package will ensure that B&M continues have a strong leadership team in place which will enable the company to offer customers exceptional value for money and deliver long term value to all shareholders,” the board said in its statement.

At 0903 BST, shares in B&M European Value Retail were down 0.93% at 552.6p.

Reporting by Josh White for Sharecast.com.

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