B&M appoints ex-Tesco executive as new CEO
Household goods retailer B&M has appointed ex-Tesco executive Tjeerd Jegen as its new CEO.
Jegen will succeed Alex Russo, who joined the company in 2020 and was promoted to the top job in 2022.
Group CFO Mike Schmidt will continue to lead the business until 16 June.
Liverpool-headquartered B&M announced Russo’s departure in February this year, with analysts citing a worse-than-expected trading performance as a likely reason for his move.
“The retirement of Alex Russo and a downgrade are unlikely to be mutually exclusive events… the performance of B&M has been disappointing for the past year,” Panmure Liberum analysts said.
Jegen, who will reportedly have a base salary of £928,000, has worked in leadership for roles for over 20 years.
He served as the CEO of Tesco Malaysia, the CEO of Dutch value chain Hema, and the CEO of European discount clothing brand Takko.
His most recent role was CEO of Accell Group, a Dutch e-bike and bicycle parts retailers.
B&M goes international with new top boss
“I am delighted to welcome Tjeerd to B&M,” chair Tiffany Hall said. “He is a highly talented international business leader with in-depth retail experience gained in Europe, Asia and Australasia across the grocery, general merchandise and value sectors.
“In what was a rigorous recruitment process, Tjeerd stood out from a strong list of candidates due to his strategic insight, customer-centric approach, and strong track record of driving growth and transformation.”
Jegen said: “I’m honoured to join one of Europe’s leading value retailers at such a pivotal time. Value retail plays a crucial role in the lives of millions of consumers, and I’m passionate about working with the team to drive growth through great products, operational excellence, and a strong customer focus.
“I look forward to working with the team to build on the company’s strong foundations and take it to the next level.”