B&M has poached an Asda executive to replace the chief financial officer who quit over a £7m accounting blunder, as the retailer eyes a drastic turnaround.

The FTSE 250 firm said on Wednesday that Atheeq Akbar, currently vice president of commercial finance at Asda, will join the firm as chief financial officer next year.

B&M’s new finance boss will be charged with leading a turnaround which was launched after a series of profit warnings and the resignation of the firm’s previous finance chief following an accounting blunder.

Mike Schmidt handed in his notice after an accounting error caused £7m of overseas freight costs to be incorrectly counted in the cost of goods sold. 

B&M was forced to downgrade its 2026 profit guidance as a result of the gaffe and analysts speculated at the time that the mistake suggests the retailer has “poor financial controls”.

‘Highly embarrassing for the board’

“Just when it looked as if life couldn’t get any worse for B&M, along comes an accounting error which has ultimately cost the finance boss his job. The situation is highly embarrassing for the board and even worse for shareholders,” AJ Bell head of markets Dan Coatsworth said in October.

The retailer’s annual profits nearly halved to £227m in the year to March as it saw like-for-like sales remain flat across its 800 UK stores. 

Chief executive Tjeerd Jegen said the company had endured a “difficult year that saw profits fall due to a challenging market and execution issues”. 

B&M has launched a “back to basics” turnaround plan which it said is already delivering sharper pricing and better in-store availability of its products. 

The retailer will hope Akbar’s appointment stabilises its financial leadership after significant churn in the role since Schmidt’s departure. 

Four finance director in two years

Veteran chief financial officer Helen Cowling joined on an interim basis in November 2025 before departing the following April, to be replaced by another interim, previous group chief financial officer Peter Waterhouse.

But B&M will have to wait for Akbar to accelerate its turnaround, with the new finance director not due to join the firm until February next year.

He previously held senior finance roles at grocers Morrisons and Tesco, following a career as a chartered accountant at consultancy giant Deloitte.

“His 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 said.

B&M was founded in 1978 and has been listed on the London Stock Exchange since 2014. Its shares jumped two per cent on Wednesday, to 190p.