European Food Retail: All Things Management! - Musical Chairs: leadership turnover becomes a sector-wide theme; highlights at Ahold-Delhaize, B&M, Greggs; adding Domino’s

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European Food Retail: All Things Management! - Musical Chairs: leadership turnover becomes a sector-wide theme; highlights at Ahold-Delhaize, B&M, Greggs; adding Domino’s

J P M O R G A N Europe Equity Research

09 July 2026

European Food Retail

All Things Management! - Musical Chairs: leadership

turnover becomes a sector-wide theme; highlights at

Ahold-Delhaize, B&M, Greggs; adding Domino’s

While our research process continues to focus on core financial metrics such as European Food Retail

ACrevenue growth, profitability, and cash generation, we believe that a comprehensive Borja Olcese

investment view also requires close attention to corporate governance factors. (34-91) 516-1511

Management changes, insider transactions, and executive compensation policies can borja.olcese@jpmorgan.com

have a significant impact on strategic direction, operational execution, and J.P. Morgan Securities plc

shareholder alignment. As such, we monitor these developments alongside financial Palak Garg

performance, recognizing that these could potentially be key indicators of both near- (91-22) 6157-5102

palak.x2.garg@jpmorgan.com

term risk and long-term value creation. Within, we detail the aforementioned aspects J.P. Morgan India Private Limited

of the nine companies within our coverage (including updates for management

changes at Ahold, B&M, Greggs, whilst adding Domino’s with this version). Specialist Sales contact details:

Aholdhas announced a new group CEO - Thierry Garnier, and US CEO - Claire Olivia Petronilho - Specialist Sales -

European Consumer

Peters, following the departure of all 3 key CEOs (group, US, Europe) in the past few (44-20) 3493-3709

months. olivia.b.petronilho@jpmorgan.com

B&M.B&M has appointed a new CFO, Atheeq Akbar marking their fourth CFO