Adds details of new CEO in paragraph 2, details of former CEO in paragraph 4
May 15 (Reuters) - Discount retailer B&M BMEB.L named retail industry veteran Tjeerd Jegen as its new CEO and said he will take over from interim boss Mike Schmidt on June 16.
Jegen has held several leadership roles, including CEO of Tesco's TSCO.L Malaysia unit in 2010 and head of supermarkets and petrol at Australia's Woolworths WOW.AX from 2011 to 2015.
Most recently, he served as CEO of Accell Group, according to his LinkedIn profile.
The appointment comes just two weeks after the retailer named its finance boss as acting interim CEO.
In late February, B&M, which sells everything from hats and heaters to toys and food, had said former CEO Alex Russo, who has held the top job since September 2022 would retire at the end of April.
B&M shares had gained about 6.5% during Russo's tenure, but lost nearly a third of their value last year.
Like most retailers, B&M has been navigating tough demand conditions as high inflation keeps shoppers away, and the government's proposed employer tax increases saddles companies with higher costs.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Nivedita Bhattacharjee)
((Chandini.M@thomsonreuters.com; +918061822697;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.