Key facts
- B&M appointed Atheeq Akbar as its new Chief Financial Officer.
- Atheeq Akbar previously worked at Asda.
- A £7 million accounting blunder occurred at B&M.
- The accounting error led to profit warnings.
- The previous Chief Financial Officer resigned due to the error.
- Atheeq Akbar is tasked with leading a turnaround for B&M.
B&M has appointed Atheeq Akbar as its new Chief Financial Officer to spearhead a turnaround following a significant accounting error. Akbar, who previously held a role at Asda, steps into the position after the company issued profit warnings due to a £7 million accounting blunder. This error led to the resignation of the previous Chief Financial Officer, prompting the need for new leadership. Akbar's appointment signals a strategic move by B&M to address the financial misstep and restore confidence. The company aims to leverage Akbar's experience to navigate the challenges arising from the accounting error and to implement measures that prevent future occurrences. The £7 million figure represents the scale of the financial miscalculation that has impacted the company's reported profits and market standing. The appointment of a new CFO is a critical step in the process of rectifying the situation and rebuilding trust with stakeholders.