Kingfisher boss to depart amid falling profits

DIY retailer Kingfisher has announced its CEO is to step down on the same day it revealed profits for the year had plummeted 13% to £693m.

Veronqiue Laury, who had been overseeing the turnaround plan of the company which owns B&Q and Screwfix, will leave the company although no date has yet been given. The company also announced that it is to close all 19 of its Screwfix stores located in Germany and was considering a further closure of 15 stores across the group.

The news comes after it reported that profit increases in the UK and Poland were “more than offset” by the poor performance of its Castorama brand in France and losses in Russia and Romania.

Despite overall sales increasing by 0.3%, Kingfisher said it saw a 1.6% drop in like-for-like sales. At B&Q overall sales dropped by 2.8%, however its Screwfix saw sales jump 10%.

Laury who has been in the role since December 2014 and has been leading Kingfisher’s turnaround plan, titled ‘One Kingfisher’, will stay in her role until a successor is found.  

Commenting on her departure she said: “I have enjoyed leading the One Kingfisher team through the transformation to become the leading home improvement company. We have a strong purpose to create good homes by making home improvement accessible for everyone. I have always been passionate about this and still am. I would like to thank all our colleagues for their hard work and great achievements.

“Leading the transformation has been so exciting but also very challenging. As the transformation approaches its final year, I believe it is right for someone else to lead the next phase of the One Kingfisher journey. I will continue to give 100% until the day I depart.”

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