B&M hires boss of Iron Bru maker as it battles slumping share price
B&M has hired the chief executive of Iron Bru maker AG Barr as it battles a slump in its share price.
Euan Sutherland will become a non-executive director at the Liverpool-headquartered company from 20 January, 2025, subject to shareholder approval.
If appointed, Sutherland will also join the remuneration and nomination committees.
Sutherland has been chief executive of AG Barr since May 2024 and is also currently a board member of the British Soft Drinks Association.
Before joining AG Barr, he was group chief executive at Saga and a non-executive director at Britvic.
Sutherland has also served as chief executive of Superdry and the Co-operative Group.
He’s also held senior positions at B&Q owner Kingfisher, Matalan, Currys, Coca Cola, Mars and Boots.
In a statement issued to the London Stock Exchange, Sutherland said: “I am excited to join the board of B&M to support its goal of becoming Europe’s leading variety discount retailer.
“I look forward to working with the board on further developing the unique business model, focus on retail excellence and agility across the UK and French markets.”
B&M shares slashed as profit cut
The appointment comes after B&M’s share price has fallen from 551.6p in June to 362.4p.
For the first half of its current financial year, B&M posted a revenue of £2.64bn, up from the £2.54bn it achieved in the same period in 2023.
However, its pre-tax profit in the six months to 28 September, 2024, fell from £222m to £169m. But adjusted EBITDA, which strips out foreign exchange rate impacts, increased two per cent to £274m in the half.
For the full year to 30 March, 2024, B&M’s revenue totalled £5.48bn and its pre-tax profit stood at £498m.
B&M chair Tiffany Hall said: “I am delighted that Euan has agreed to join the Board of B&M.
“He brings exceptional retail and consumer goods experience, leading major consumer-facing businesses through periods of significant growth, both in the UK and Internationally.”