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Report: Kingfisher CEO unlikely to sell Iberian, Russian units before exit

Outgoing Kingfisher PLC CEO Veronique Laury is unlikely to close the sale of the British home improvement retailer's operations in Russia, Spain and Portugal before she steps down Sept. 24, London's Financial Times reported Sept. 15, citing two people with knowledge of the process.

The sources told the newspaper that Kingfisher has been in talks over the sale of the units, but progress has been slow and no update is expected when the company releases its half-year results Sept. 18.

When Kingfisher announced its intent to sell its Iberian and Russian units in November 2018, Laury said the move would allow the company to focus its resources on its main markets.

The report said Kingfisher operates 28 Brico Dépôt stores in Spain, three in Portugal and 20 Castorama outlets in Russia. In France, analysts expect Kingfisher to post a 3.8% decline in its same-store sales when it reports half-year results Sept. 18.

Carrefour SA's Asia chief Thierry Garnier will succeed Laury as CEO and executive director, effective Sept. 24.