B&M has enlisted the CEO of Iron Bru manufacturer AG Barr, Euan Sutherland, as it grapples with a dip in its share price.
Subject to shareholder approval, Sutherland is set to become a non-executive director at the Liverpool-based firm from 20 January, 2025, as reported by City AM.
If confirmed, he will also join the remuneration and nomination committees. Sutherland has been at the helm of AG Barr since May 2024 and currently sits on the board of the British Soft Drinks Association.
Prior to AG Barr, he held the position of group CEO at Saga and was a non-executive director at Britvic. His past roles include CEO stints at Superdry and the Co-operative Group, along with senior positions at Kingfisher, Matalan, Currys, Coca Cola, Mars and Boots.
In a statement to the London Stock Exchange, Sutherland expressed his excitement about joining B&M’s board to aid its ambition of becoming Europe’s leading variety discount retailer. He said: “I look forward to working with the board on further developing the unique business model, focus on retail excellence and agility across the UK and French markets.”
This appointment follows a drop in B&M’s share price from 551.6p in June to 362.4p.
For the first half of its current financial year, B&M reported a revenue of £2.64bn, an increase from the £2.54bn it posted in the same period in 2023. However, its pre-tax profit for the six months to 28 September, 2024, fell from £222m to £169m.
For the year ending 30 March 2024, B&M achieved revenues of £5.48bn and a pre-tax profit of £498m. B&M chair Tiffany Hall stated: “I am delighted that Euan has agreed to join the Board of B&M.”
“He brings exceptional retail and consumer goods experience, leading major consumer-facing businesses through periods of significant growth, both in the UK and Internationally.”
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