B&M has appointed a new permanent CEO.
Tjeerd Jegen will succeed Alex Russo, who joined the listed discount chain in 2020 and retired at the end of April. He is set to join the business on 16th June 2025.
Group CFO Mike Schmidt will continue to lead the business in the interim period.
Jegen has broad international retail experience having worked in leadership roles at Ahold Delhaize, Metro, Tesco, Woolworths, HEMA and Takko Fashion over 25 years.
Former Morrisons boss David Potts had reportedly held talks with B&M about becoming the new CEO at B&M, which announced Russo’s retirement in February as it revealed it was cutting its profit guidance for the second time this year.
“I am delighted to welcome Tjeerd to B&M,” said Tiffany Hall, chair. “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.”
Jegen, who will have a base salary of £928,000, worked as CEO at Metro Group in Romania. He held senior leadership roles at Tesco in Thailand and Malaysia then led the supermarkets division of Woolworth Australia, delivering key innovations in online retail, private label, and fresh food supply chains.
In 2015, he became CEO of HEMA, the Dutch value variety chain, where he led international expansion.
More recently, he served as CEO of Takko Fashion, a leading discount fashion retailer and subsequently CEO of Accell Group, Europe’s largest e-bike manufacturer.