Discount retailer B&M has appointed industry veteran Tjeerd Jegen as its new Chief Executive. He will take up the position on 16th June, replacing interim CEO Mike Schmidt, who stepped into the role when Alex Russo departed at the end of last month.
Tjeerd has broad international retail experience, having worked in leadership roles at Ahold Delhaize, Metro, Tesco, Woolworths, HEMA and Takko Fashion over the last 25 years. He spent two years at Tesco as COO of its then operation in Thailand, followed by the role of CEO of its chain in Malaysia back in 2010.
Commenting on Jegen’s appointment, B&M’s 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 added: “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.”
Last month, B&M stated that its annual profit will now come in above the midpoint of its £605m-£625m guidance range, buoyed by sales from new stores and robust French operations, with cost cuts also helping it mitigate cautious demand from customers in the UK. The group’s share price had previously been on a downward spiral after a series of profit warnings following a weakening of performance in its domestic market.
NAM Implications:
- Tjeerd patently ticks all the boxes.
- Anticipate application of his strategic insight…
- …customer-centric approach…
- …and strong track record of driving growth and transformation.
- B&M suppliers that are not focusing on helping B&M optimise these objectives…
- …risk missing a trick.
