LONDON (Alliance News) - Home improvement retailer Kingfisher PLC Thursday said that Philippe Tible, chief executive of its Castorama & Brico Dépôt brands, will step down at the end of July, although he'll stay with the company until the end of the year to assist with the company's exclusive talks to buy Mr Bricolage.
The company's Chairman, Daniel Bernard, said the company had decided to change the leadership of its European operation given the changes that are being undertaken in that business.
Group Chief Executive Ian Cheshire said he was promoting both Véronique Laury, CEO of Castorama France, and Alain Souillard, CEO of Brico Dépôt brand International, to the company's executive team. Cheshire thanked Tible for putting a "first class" management team in place at the European businesses.
"We have a number of significant developments currently underway in France, including the roll-out of the Castorama 'Do it Smart' store format, the expansion of the Brico Dépôt business in France and into other European markets and, most recently, the announcement that Kingfisher is in exclusive negotiations to acquire Mr Bricolage," Bernard said in a statement.
"As we enter a new phase of our development, it is clear that the business needs the next generation of leaders to oversee these plans and so, as a result, Philippe will step down. On behalf of the Kingfisher board I would like to thank him for his very significant contribution over the years and wish him well with his remaining time at Kingfisher and for the future," the chairman added.
Kingfisher, which also owns B&Q and Screwfix said on April 3 that it was in exclusive negotiations to acquire French home improvement retail chain Mr Bricolage for an overall enterprise vale of around EUR275 million.
"This would add a third, complementary strong business alongside Kingfisher's existing two successful brands in France," Cheshire said at that time.
Kingfisher said that under the terms of the proposed deal, it would acquire a 41.9% stake from from ANPF, which is held by franchisees, and 26.2% from the Tabur Family, at an agreed price per share of EUR15. It would also launch a mandatory offer to acquire the shares held by the minority shareholders at the same price.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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Kingfisher (KGF)