B&M has appointed Asda executive Atheeq Akbar as its next chief financial officer as the discount retailer continues work to strengthen its UK business.

Akbar will join B&M in February 2027, replacing interim finance boss Pete Waterhouse.

He is currently vice president of commercial finance at Asda and has previously held senior roles at Morrisons, Tesco and Etihad Airways.

B&M chief executive Tjeerd Jegen said Akbar’s UK retail experience would support the company as it presses ahead with its turnaround plan.

He said: “Atheeq’s strong commercial background in UK retail will be a great asset as we bring about change to deepen the financial foundations of our business.”

Jegen launched a turnaround strategy in October as B&M looked to respond to tougher competition from supermarket loyalty schemes and pressure on lower-income shoppers’ budgets.

The appointment comes just weeks after B&M beat annual pre-tax profit expectations, in a sign that the plan is beginning to gain traction.

The discount retailer said earlier this month that it was confident it could manage higher costs linked to the conflict in the Middle East.

B&M has been seeking to restore momentum in its core UK business after a tougher trading period for parts of the value retail sector, where shoppers remain highly price-conscious but competition for everyday spend has intensified.

Akbar’s appointment gives Jegen another senior hire with supermarket and discount-facing experience as the business looks to protect margins, sharpen its offer and rebuild investor confidence.

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