April 10 (Reuters) - B&M's Interim CFO Helen Cowing has left the British discount retailer after less than five months in the job, the company said, in an announcement that sent the shares down as much as 5%.
Cowing took on the role in December after an accounting error triggered a profit warning in October last year and the departure of then finance chief Mike Schmidt.
The retailer said she would be replaced by Financial Controller Peter Waterhouse.
B&M's shares have fallen about 16% since the accounting issue.
CONCERNING SEQUENCE OF EVENTS
Cowing, a seasoned executive with experience in turnaround strategies, was brought to B&M for her ability to step into companies at short notice in interim roles, CEO Tjeerd Jegen had told Reuters at the time of her appointment.
Jegen added that the company needed her to add value straight away as it launched its "Back to B&M Basics" plan to revive growth amid intense competition in Britain's value retail sector.
However, in January, B&M issued its second profit warning in three months as it cleared out old stock at steep discounts, boosting sales at the expense of margins.
"The sequence of events seems concerning to us, and suggests risk of further kitchen sinking - we note weak company fundamentals persist," J.P. Morgan analysts said in a note.
B&M did not provide a reason for Cowing's exit.
SEARCH FOR A PERMANENT CFO IS STILL ON
Waterhouse joined B&M in 2013 and has been a key member of its finance team, becoming group financial controller in 2020. He trained and qualified with audit firm PricewaterhouseCoopers before going on to hold senior finance roles at Johnson Service Group and Logica.
He will continue in the interim CFO role until a permanent chief financial officer is appointed, the company said.
The company will report its full-year preliminary results on June 3.
(Reporting by Yamini Kalia in Bengaluru; Editing by Nivedita Bhattacharjee and Kate Mayberry)
By Yamini Kalia
