The appointment of Atheeq Akbar as B&M's new Chief Financial Officer has sent shares soaring by 6% to 197p, amid concerns over the retailer's financial management following a £7m accounting error. The former Asda executive will join the FTSE 250 company in February, bringing significant retail finance expertise and a background with major grocers.
Akbar, currently Vice President of Commercial Finance at supermarket giant Asda, is tasked with steering B&M through its 'back to basics' turnaround strategy, initiated after a series of profit warnings and the departure of the previous finance chief. The accounting misstep led to overseas freight costs being incorrectly categorised within the cost of goods sold, forcing B&M to revise its 2026 profit guidance downwards.
B&M's annual profits nearly halved to £227m in the year to March, with like-for-like sales remaining flat across its approximately 800 UK stores. Chief Executive Tjeerd Jegen acknowledged a 'difficult year' attributed to a tough market and operational issues.
Akbar's appointment is seen as crucial to B&M's recovery efforts, offering insights into competitor operations from his stints at Morrisons and Tesco. The company's plan focuses on initiatives such as sharper pricing and improved product availability in stores, and Akbar's background with major grocers is anticipated to be particularly valuable.
The appointment follows considerable churn in B&M's financial leadership since the previous CFO's departure, with two interim finance directors serving in the role before Akbar's confirmed appointment. Investors appear to have welcomed the news, with shares experiencing a significant uplift following the announcement.