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B&M Names Tjeerd Jegen as New CEO Amid Profit Challenges

The former Accell Group leader will take over on June 16, tasked with steering the retailer through economic pressures and stabilizing its performance.

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The discount retailer has had some big changes at the top this year, after the last members of the billionaire Arora family left the company

Overview

  • Tjeerd Jegen, a seasoned retail executive with experience at Tesco and Accell Group, will assume the role of CEO at B&M European Value Retail starting June 16, 2025.
  • He replaces interim CEO Mike Schmidt, who also serves as the company’s CFO, following Alex Russo’s retirement earlier this year.
  • Jegen’s compensation includes a £928,000 base salary and a potential bonus of up to 250% of his base salary, half of which will be deferred into shares for three years.
  • B&M has revised its full-year adjusted EBITDA forecast to £605–625 million, reflecting trading difficulties, inflation, and exchange rate volatility.
  • The Liverpool-based retailer operates over 1,200 stores across the UK and France and remains a key player in the discount retail sector despite recent challenges.