Kingfisher Regulatory News (KGF)

27 June 2019

Kingfisher plc appoints Chief Executive Officer

('Kingfisher', the 'Company')

Following the CEO succession announcement on 20 March, Kingfisher today announces the appointment of Thierry Garnier as Chief Executive Officer. Thierry will be appointed to the Board as an Executive Director and will take over from Véronique Laury as Chief Executive Officer. He will be based at Kingfisher's headquarters in London and will join Kingfisher in the autumn. The effective date of his appointment will be announced as soon as it is finalised.

Thierry is an experienced retailer having spent 20 years in senior roles at Carrefour, the French multi-national retailer. He is currently a member of the Carrefour Group Executive Committee and the Chief Executive Officer of Carrefour Asia, where he is responsible for over 350 stores in China and Taiwan, with 55,000 employees, and gross sales of over €6bn. In this role, he has established a successful track record of implementing business transformation in the face of significant competitive pressure and sector disruption. As the leader of Carrefour's Asian business since 2012 he has developed and executed a strategy oriented around innovative new digital capabilities, centralised buying, new format implementation, e-commerce and strengthening stakeholder relationships.

From 2003 to 2008, Thierry was the Managing Director of Supermarkets for Carrefour France, where he successfully rebranded the Champion supermarket format to the Carrefour Market fascia. This format was rolled out to 1,000 supermarkets in France, with sales of approximately €13bn. During this period he oversaw a significant improvement in performance by doubling non-food sales, investing in own-brand ranges, improving the pricing structure and restructuring the supply chain. Following this successful period, he became Carrefour's International Operations Director in 2008, with a broader remit including Asia, Latin America and various European countries.

Andy Cosslett, Chairman of Kingfisher, said:

"On behalf of the Board, I am delighted to welcome Thierry to Kingfisher. He is a highly talented international retailer and proven business leader, with a strong track record over many years at Carrefour. Throughout his career he has led significant businesses through complex change programmes while operating in competitive and rapidly changing retail environments.

In what was a rigorous recruitment process, Thierry stood out for the Board from a strong list of candidates due to his recognised operational know-how at a multi-national retail business, his delivery of long-term value creation, and his experience in driving leading edge digital innovation, most recently in China.

At Kingfisher he will take the reins of a strong and profitable business, and one which is also transforming to better serve its customers. In Thierry, we are convinced that we have found the right individual with the right skills to drive success from the platform that Véronique has established at Kingfisher.

The Board and I would again like to thank Véronique for her energy, her vision and determination in driving the transformation, and for successfully laying the foundations for future growth."

Thierry Garnier commented:

"I am delighted to be joining Kingfisher at an exciting point of its development. For over 20 years, I have had a great passion for retail, for retail teams, and for understanding and addressing changing customer behaviours. I believe that the home improvement market provides great opportunity for us, and by harnessing Kingfisher's market leading positions and obvious strengths, consistently meeting our customers' needs, embracing our digital opportunity and driving innovation, I am confident that we can build an even stronger business for our customers, our colleagues and our shareholders."

Statutory and other disclosures

The Company confirms there is no further information to be disclosed under the requirements of Listing Rule 9.6.13R in relation to Thierry Garnier's appointment.

Thierry's service contract, remuneration and benefits will be consistent with the Kingfisher Remuneration Policy subject to approval by shareholders at the AGM in July 2019. Further detail will be set out once Thierry's effective appointment date has been finalised.

Véronique Laury will step down from the Board and as Chief Executive Officer by the end of September 2019.

Kingfisher's Half Year Results will be announced on 18 September 2019.

Notes to editors

Thierry Garnier biographical details

Carrefour 1999 - present:

2012 - present CEO of Carrefour Asia and CEO of Carrefour China. Member of Carrefour Group Executive Committee

2008 - 2012 International Executive Director, then Growth Markets Executive Director. Member of the Carrefour Group Executive Committee 

2003 - 2008 CEO Champion (Carrefour France supermarkets)

1999 - 2002 Regional Director for Carrefour

1997 - 1999 PROMODÈS, Hypermarkets Director

1991 - 1997 France civil service roles, including Technical Advisor to the European Affairs Minister and Deputy Director, Chief of the Industrial Development Department

Thierry has a Master's degree in engineering from École Polytechnique, Paris, and from École des Mines de Paris. He speaks English, French and Mandarin.

He has been awarded the Chevalier de l'Ordre national de la Légion d'Honneur (France).

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