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UK retailer Kingfisher's CEO to depart


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UK retailer Kingfisher's CEO to depart

U.K.-based home improvement products retailer Kingfisher PLC said March 20 that Group CEO Véronique Laury will leave the company.

A date for Laury's departure has not yet been set. She will remain in her role as the company searches for a successor.

Laury became the group's CEO in December 2014 and has been responsible for leading the business through a turnaround plan dubbed ONE Kingfisher. Over the past 12 months, the company's shares have fallen nearly 30%.

The announcement came as Kingfisher, whose brands include B&Q, Brico Dépôt and Screwfix, reported adjusted basic EPS for fiscal 2019 of 19.8 pence, down 9.2% from 2018's result and below the S&P Global Market Intelligence consensus mean estimate for normalized EPS of 23 pence.

Kingfisher noted that the move is part of its regular talent and succession planning process and that Laury as well as the board support the decision.

In addition, outgoing CFO Karen Witts will be replaced April 8 by John Wartig, who takes up the position on an interim basis.

Steve Willett, chief transformation, digital and IT officer, also will leave the company, retiring after almost 20 years at Kingfisher.