23 July 2024, 22:44
By Furniture News Jul 05, 2022

DFS optimistic as CFO announces departure

DFS' CFO Mike Schmidt is to step down from the retailer's board in order to assume the role of CFO at B&M European Value Retail SA. 

Mike has been with DFS for eight years, the last three of them as CFO.

Mike will remain with the business as CFO to oversee the year-end results process and to ensure an orderly transition. A search for a successor has commenced.

DFS chair Ian Durant comments: "I would like to thank Mike for his leadership as CFO. He has helped to navigate DFS through a period of significant challenge, including the impact of Covid-19, and leaves a resilient business well placed to grow in the UK."

CEO Tim Stacey adds: "Mike has been instrumental in the growth of our company and supporting the board through the external challenges we have faced over the last few years. We all wish him every success for the future."

Mike notes: "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."

Further to DFS' recent trading update and the successful completion of expected deliveries to its customers prior to the year-end, the retailer expects profitability to be in the upper half of the range for underlying profit before tax and brand amortisation previously indicated (£57-£62m).

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