Hubbard will join the board as CEO designate on 22 February after it was revealed that Richard Hayes is to step down later this year.
She will then succeed Hayes in mid-April as chief executive. Hayes has been with the group since 2003, serving as managing director and chief executive since 2008.
Since 2014, Hubbard has served as chief operating officer of B&M European Value Retail. From 2009 to 2014, she held a number of senior roles at Asda.
Having recently made the board aware of his wish to step down once a suitable successor had been identified, Hayes will retire from the board and leave the group at the end of June 2016, having ensured a smooth handover over a four-month period.
Chairman Geoff Cooper said: "Richard has led Card Factory with enormous success. Since he joined the senior management team in 2003 the group has grown from a 40-store discount chain to a vertically integrated high margin value retailer with over 800 stores and two transactional websites.
"Having led the business through an MBO, the 2014 IPO and its first two years as a listed company, it is fully understandable that he now wants to retire.
“We are extremely grateful for all he has done and, when he steps down, it will be with our very best wishes."
Hubbard added: "This is a wonderful chance to lead a very successful and fast-growing value retailer with a clear leadership position in its market. I have enjoyed my time at B&M but this was simply too good an opportunity to ignore.
“I very much look forward to working with the team to continue the success achieved by Richard and his team over recent years."
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