New B&M boss scoops up £523k of discounted shares ahead of starting the job
Tjeerd Jegen took on the top job from interim boss Mike Schmidt on Wednesday, having previously help leadership roles with Tesco, Australia's Woolworths, and more recently, Accell Group.
He joins at a tough time for B&M, which has seen profits come under pressure from a weak consumer environment and growing competition from other discounters.
Regulatory filings published on Tuesday show Jegen bought 197,900 B&M shares in total between 10 and 13 June at roughly £2.61 to £2.70 each, building a stake worth £523,559.60.
Retail industry veteran Jegen is considered an effective turnaround specialist.
His B&M stake could prove lucrative if he manages to right the ship and improve the group's fortune, with its value having plummeted 55 per cent since the beginning of December 2023.
B&M shares were up 1.8 per cent to 260.4p by late morning on Tuesday.
Group revenue rose 3.7 per cent to £5.6billion last year, largely thanks to new store openings, but profits fell 13 per cent to £431million.
B&M's margins have come under pressure as it has cut prices after its lower income customers have been squeezed by inflation, higher household bills, and lower wage growth compared to higher earnings Britons.
The group still hopes to open 45 UK stores this year, with new locations including include Bridgend, Chatham and Cromer, after 45 were opened last year.
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