B&M has turned to ASDA figure Atheeq Akbar to fill its troublesome CFO role – but he won’t join until 2027.
The retailer’s finance chief Mike Schmidt resigned in October following a £7 million accounting error which triggered a profit warning.
Helen Cowing, a seasoned executive with experience in turnaround strategies, was brought in as interim CFO but a second profit warning followed in January and she left in April, with group financial controller Peter Waterhouse stepping into the role on a temporary basis.
Akbar will join B&M in February 2027. He is currently vice president of commercial finance as ASDA and previously led the retail and manufacturing finance functions at Morrisons before being appointed as a finance director in 2021.
He has also held senior finance roles at Tesco and Etihad Airways. He began his career at Deloitte and is a member of the ICAEW.
Earlier this month B&M reported annual revenue growth of 3.6% to £5.8 billion; however statutory profit before tax dropped 47.3% to £227 million, driven by lower trading margins and operating cost inflation in the UK.
The PBT figure included an impairment charge of £36m, versus £3m in FY25, due to store leases and fixed assets reflecting the lower profitability across the estate. Adjusted EBITDA was £459m, down 26% from £620m.
Tjeerd Jegen, who was appointed as CEO last year, said “securing the right individual as chief financial officer has been a key priority for me in recent months”.
He added: “I am excited that after an extensive search, we can announce Atheeq in this role. His strong commercial background in UK retail will be a great asset as we bring about change to deepen the financial foundations of our business.
“I look forward to partnering with Atheeq and would like to thank Pete Waterhouse for his continued leadership as Interim CFO in the meantime as we bring about a seamless transition in this important role.”
Chair Tiffany Hall commented: “I have every confidence that Atheeq’s blend of commercial and retail experience will be a strong complement to Tjeerd as we execute on our ‘back to B&M basics’ plan and drive future growth.”
Akbar said: “The opportunity for UK value retail is considerable, as is the leadership role B&M can continue to play in its development. I am excited to be joining the company at such an important time and I look forward to working with Tjeerd and the Board to deliver B&M at its full potential.”
B&M’s share price is up 14% in the year to date but 32% down over the last 12 months.