Accell Group brings in seasoned CEO amid difficult trading conditions

Former Tesco COO Tjeerd Jegen has been appointed as CEO and Chair of the Management Board at Accell Group, with effect from 1 November 2023, succeeding interim CEO and Chair Juan de Ochoa.

Former CEO Ton Anbeek reportedly left the group in April. Anbeek was CEO during Accell’s 2022 acquisition by the KKR-led consortium.

Accell Group has also appointed Kasper Rørsted as Chair of the Supervisory Board, effective 1 October 2023.

The backdrop to the moves is a difficult trading period for the cycling industry – possibly the worst ever, according to a growing number of industry pundits.

Accell hasn’t been immune from the market troubles. Earlier this year, Fitch Ratings revised the outlook for Accell Group’s (AKA Sprint BidCo B.V.) from Positive to Negative, reflecting “limited visibility over Accell’s working capital-related cash outflows due to persisting supply chain challenges, which have materially eroded the company’s liquidity headroom and free cash flow (FCF) generation, as well as weakening its deleveraging prospects”. In short, the high stocks and low consumer demand that is hurting most bicycle businesses in 2023.

Accell is owner of Raleigh UK, Haibike, Ghost, Winora, Lapierre, Babboe and XLC, among other brands and companies.

Accell’s new CEO, Tjeerd Jegen, is a seasoned boss with more than 25 years of expertise in global retail companies, having worked in senior roles in Europe, Asia and Australia. He joins from Takko Fashion, one of the leading European discount apparel brands with close to 2,000 stores active in 17 countries.

Previously, Tjeerd headed iconic Dutch retail chain HEMA. In this position, Tjeerd built HEMA into the leading Dutch value retailer and was instrumental in expanding the company’s international presence and driving its sustainability agenda. Prior to joining HEMA, Tjeerd managed British supermarket chain Tesco as COO in Thailand and as CEO in Malaysia. He also led Australian supermarket chain Woolworths for over four years.

Tjeerd’s appointment comes at the same time as the appointment of Kasper Rørsted as Chair of Accell Group’s Supervisory Board. Kasper is a Danish business executive with strong competencies in digital transformation, leadership development, sustainability initiatives and global business trends. Kasper was previously CEO of two DAX companies for over 14 years – most recently at adidas, and before that, at Henkel Group. Kasper is also active as a member of several corporate boards and non-profit organizations, including Siemens AG, Maersk, Woom, and the European Round Table of Industrialists, having also previously served on the boards of Nestlé, ABInBev, Ecolab and Bertelsmann.

Juan de Ochoa, interim CEO of Accell Group: “The appointment of Tjeerd completes the leadership team at Accell Group following the Management Board appointments earlier this year. Tjeerd has a passion for the product, drive for innovation, as well as a strong focus on customers, which matched with his strong affinity with Accell Group’s ambition, makes him a great fit to lead the business. We also welcome a highly experienced industry leader to the Supervisory Board, with Kasper joining as Chair. These appointments will help position Accell Group for the future.”

Incoming CEO of Accell Group, Tjeerd Jegen: “I am delighted to be joining Accell Group. This new role brings together my passion for iconic brands and digitalisation in an international environment. As an active cyclist myself, I believe cycling offers tremendous benefits to society and individuals, while helping to tackle climate change and improve urban liveability. Accell Group has a strong position in the market with a portfolio of cutting edge brands. I look forward to building on that with the team, along with the support of KKR.”

Kasper Rørsted, Chair of Accell Group’s Supervisory Board: “With someone of Tjeerd’s calibre coming in to lead the company, alongside an experienced management team and strong shareholder, I believe Accell Group has an exciting future ahead. It’s positioned in some of the most attractive market segments in the bicycle industry, with the opportunity to benefit from strong secular trends. I am delighted to join the company’s Supervisory Board, and to be working alongside Tjeerd and the team to help Accell Group develop and grow over the coming years.”