25th Jan 2008 07:45
Kingfisher PLC25 January 2008 EMBARGOED UNTIL 0745 HOURSFriday 25 January 2008 Kingfisher plc appoints Ian Cheshire as Group Chief Executive Kingfisher today announces the appointment of Ian Cheshire as Group ChiefExecutive with effect from 28 January 2008. This follows the announcement on 1November 2007 that Gerry Murphy will stand down from the position after fiveyears as Group Chief Executive. Commenting on the appointment, Peter Jackson, Kingfisher's Chairman, said: "Following a rigorous review of candidates, internally and externally, I amdelighted to announce the appointment of Ian as our new chief executive. He hasextensive experience of international home improvement retailing and knowledgeof the Kingfisher businesses, both in the UK and internationally. This makes himuniquely placed to lead the business and drive through the changes necessary toimprove returns and maximise the value available from the opportunities in ourbusiness." Ian Cheshire said: "I'm excited by the challenge of leading Kingfisher andbelieve there is significant potential for a real step change in shareholdervalue. To achieve this, we will move at pace, focusing on the customer,tightening our control of costs and making sure that our cash and capital worksmore productively. Every part of the Group must deliver value to ourshareholders. With the right team consistently focused on these clear prioritiesI believe we can improve shareholder returns." Trading Since the last trading update on 29 November 2007 Kingfisher has traded broadlyin line with its expectations. Kingfisher is scheduled to announce its fourthquarter sales update, covering the 13 weeks to 2 February 2008, on 21 February. Ian Cheshire Ian, 48, has held a wide variety of roles in the UK and internationally sincejoining Kingfisher in 1998. He is currently Chief Executive of B&Q UK,Kingfisher's largest operating company. He started his Kingfisher career asGroup Strategy Director and subsequently joined the main Board in 2000 as ChiefExecutive of Kingfisher's fledgling e-commerce division. In 2002, havingsuccessfully developed the online business for B&Q, Comet and Woolworths, hebecame CEO, International and Development, with responsibility for all ofKingfisher's retail operations outside of the UK and France. Over the next threeyears he restructured this division, doubled the number of stores in theremaining key markets and grew profit from £5 million to over £80 million. A fluent French speaker, Ian also played a key role in the integration of theCastorama and Brico Depot businesses following their acquisition in 2002. In 2005, with the UK home improvement in a sharp decline, he was appointed CEOof B&Q UK with the remit to modernise the business. Since then, whilst themarket has remained weak, he has delivered significant change with a third of B&Q's large stores now trading successfully in a modern format and over 60% ofproduct ranges renewed. Ian will continue to work closely with the B&Qmanagement team in the role of B&Q Chairman to ensure the momentum behind itsrenewal programme continues. A search for a B&Q Managing Director will commenceimmediately. Ian has over 20 years retail experience having previously worked for Sears plcas Group Commercial Director. Prior to that he worked at Guinness and the PiperTrust. He is a graduate of Cambridge University where he studied economics andlaw. Ian Cheshire is married with three children. He is a non-executive director ofBradford & Bingley plc. He is also a member of the Climate Change Leaders'Group, an organisation of senior business and government figures established tocombat climate change. Enquiries: Kingfisher Ian Harding, Group Communications Director 020 7644 1029Nigel Cope, Head of Communications 020 7644 1030Sarah Gerrand, Head of Investor Relations 020 7644 1032 The Maitland Consultancy Angus Maitland/Philip Gawith 020 7379 5151 Further copies of this announcement can be downloaded from www.kingfisher.com orby application to: 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 nearly 760 stores in 9 countries in Europe and Asia.Its main retail brands are B&Q, Castorama, Brico Depot and Screwfix. Kingfisheralso has a 21% interest in, and strategic alliance with, Hornbach, Germany'sleading large format DIY retailer, with over 120 stores in Germany and eightother European countries. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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