1st Nov 2007 07:01
Kingfisher PLC01 November 2007 EMBARGOED UNTIL 0700 HOURS Thursday 1 November 2007 Kingfisher announces that Gerry Murphy will stand down as Group Chief Executiveon 2 February 2008, the end of the current financial year The Kingfisher Board has agreed with Gerry Murphy that he will stand down afterfive years as Group Chief Executive on 2 February 2008. A full process will becarried out to select his successor. Peter Jackson, Kingfisher Chairman, said: "It has been a pleasure to work withGerry, and on behalf of the Board and our colleagues I want to thank him for hisleadership over the last five years. In a time of great change and challenge forthe Group he has transformed Kingfisher into an integrated and successfulinternational home improvement retailer with strong management and a cleardirection. Our strategy of building strong positions in fast-growing markets andimproving our established businesses is the right one. We are determined tobuild with vigour on this strategy, maximising group synergies and sharpeningour focus on capital allocation and investment returns." Gerry Murphy added: "I am proud of the progress we have made over the past fiveyears and it is the right time for me to move on and hand Kingfisher over to anew leader." Commenting on the succession process the Chairman added: "We will be running arigorous selection process. The Board believes there is strong internalsuccession for the role but we will take enough time for a thorough externalsearch. In the meantime the Board will work closely with senior management tocontinue our progress." Kingfisher will issue its Third Quarter trading update covering the 13 weeks to3 November 2007 on 29 November. Consistent with the Interim results statementannounced on 20 September Kingfisher expects to confirm continued positiveperformance from its international businesses but a tough environment in the UK. Enquiries: KingfisherIan Harding, Group Communications Director 020 7644 1029Nigel Cope, Head of Communications 020 7644 1030 The Maitland ConsultancyPhilip Gawith 020 7379 5151 Further copies of this announcement can be downloaded from www.kingfisher.com orare available from The Company Secretary, Kingfisher plc, 3 Sheldon Square,London, W2 6PX. Company Profile Kingfisher plc is Europe's leading home improvement retail group and the thirdlargest in the world, with 760 stores in 10 countries in Europe and Asia. Itsmain brands are B&Q, Castorama, Brico Depot and Screwfix. Kingfisher also has a21% interest in, and strategic alliance with, Hornbach, Germany's leading largeformat DIY retailer, with over 120 stores in Germany and eight other Europeancountries. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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