The chief executive of B&M Bargains is to quit the retailer after 17 years.
Simon Arora said he will step down in 12 months to allow time to find his replacement and enable a smooth transition.
The 52-year-old said he intends to retire but will help chairman Peter Bamford look for a new chief executive.
During his time running B&M, which he bought with his brother Bobby in 2004, the businessman has turned the discount retailer into a FTSE 100 giant, with 1,100 stores across the UK and France.
The Aroras offloaded 40 million shares in B&M earlier this year, reducing their holding from almost 11% to just under 7%.
Their stake in the business, controlled via the SSA Investments vehicle, is worth £385 million based on the current share price.
Bobby Arora intends to stay working for the business, the company added.
Chairman Mr Bamford said of Simon Arora: "The remarkable growth of the business from its humble beginnings to where it is today reflects his exceptional passion, determination and ability.
"Moreover, he has established a firm foundation from which the group will continue to deliver its successful growth strategy and great value for its customers."
A search is now under way with internal and external candidates set to be considered, B&M said.
Simon Arora said: "It has been a privilege to lead B&M for 17 years and I am immensely proud of the incredible journey that we have been on.
"B&M's value-for-money proposition remains as relevant and compelling to shoppers today as it has ever been."
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