LONDON (Alliance News) - Kingfisher PLC is considering ousting Chief Executive Veronique Laury, whose "costly" revamp of the DIY store chain owner has failed to deliver any improvement in profit, the Times reported on Sunday.
In 2016, soon after becoming CEO, Laury set out an ambitious plan to consolidate Kingfisher's unwieldy buying operations, saying it would help to deliver GBP500 million in extra profit within five years.
The newspaper noted, however, that since then the B&Q and Screwfix operator's cash reserves have been plundered and a raft of executives have departed.
The share price of Kingfisher, which also owns Brico Depot and Castorama in France, has fallen by more than a third over the past year. The stock was trading flat on Monday at 222.70 pence a share.
https://www.thetimes.co.uk/edition/business/besieged-b-q-boss-veronique-laury-faces-axe-dfm7536jm
Kingfisher (KGF)