Retail veteran and ex-Tesco boss Sir Terry Leahy is stepping down as chairman of discount chain B&M.
The 61-year-old, who joined the business in 2012, will be replaced by Superdry chairman Peter Bamford in March.
His departure comes as B&M posted soaring half-year sales and profits – thanks to new store openings and the acquisition of frozen food retailer Heron Foods.
Sales in the half-year to September 23 increased 21.7 per cent to £1.3billion, while same-store sales were up 7.5 per cent. Profits jumped 18 per cent to £86.8million.
B&M, dubbed the new Woolworths, sells everything from food and pet supplies to kitchenware and electricals.
It was formed in 1978 by Malcolm Billington and sold to the Arora brothers, Simon, Bobby and Robin in 2005.
The brothers, whose father ran a cash and carry in Manchester, have since turned B&M into a fast-growing chain.
Earlier this year it was rumoured that Asda was considering a £4.4billion takeover bid for the business, but B&M rubbished the speculation.
The firm is now powering ahead with its expansion plan and aims to open 50 new stores this financial year.