B&M appoints Tjeerd Jegen as CEO

(Sharecast News) - Discount retailer B&M on Thursday said it had appointed Tjeerd Jegen as chief executive. Jegen will take over from Mike Schmidt, currently interim CEO on June 16.

He previously held leadership roles at Ahold Delhaize, Metro, Tesco, Woolworths, HEMA and Takko Fashion, B&M added.

Former CEO Alex Russo quit in February after less than three years in the job as the company downgraded profit guidance for the second time in 2025.

The group endured challenging trading conditions during 2024 amid lacklustre consumer confidence, a weak economic backdrop, and unfavourable weather conditions.

B&M narrowed its annual earnings before nasties guidance to between £620m - £650m in January after its UK like-for-like sales contracted for the second successive quarter. This was followed a month later with a cut to £605m - £625m.

Reporting by Frank Prenesti for Sharecast.com