Kingfisher PLC
01 November 2007
EMBARGOED UNTIL 0700 HOURS
Thursday 1 November 2007
Kingfisher announces that Gerry Murphy will stand down as Group Chief Executive
on 2 February 2008, the end of the current financial year
The Kingfisher Board has agreed with Gerry Murphy that he will stand down after
five years as Group Chief Executive on 2 February 2008. A full process will be
carried out to select his successor.
Peter Jackson, Kingfisher Chairman, said: "It has been a pleasure to work with
Gerry, and on behalf of the Board and our colleagues I want to thank him for his
leadership over the last five years. In a time of great change and challenge for
the Group he has transformed Kingfisher into an integrated and successful
international home improvement retailer with strong management and a clear
direction. Our strategy of building strong positions in fast-growing markets and
improving our established businesses is the right one. We are determined to
build with vigour on this strategy, maximising group synergies and sharpening
our focus on capital allocation and investment returns."
Gerry Murphy added: "I am proud of the progress we have made over the past five
years and it is the right time for me to move on and hand Kingfisher over to a
new leader."
Commenting on the succession process the Chairman added: "We will be running a
rigorous selection process. The Board believes there is strong internal
succession for the role but we will take enough time for a thorough external
search. In the meantime the Board will work closely with senior management to
continue our progress."
Kingfisher will issue its Third Quarter trading update covering the 13 weeks to
3 November 2007 on 29 November. Consistent with the Interim results statement
announced on 20 September Kingfisher expects to confirm continued positive
performance from its international businesses but a tough environment in the UK.
Enquiries:
Kingfisher
Ian Harding, Group Communications Director 020 7644 1029
Nigel Cope, Head of Communications 020 7644 1030
The Maitland Consultancy
Philip Gawith 020 7379 5151
Further copies of this announcement can be downloaded from www.kingfisher.com or
are 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 third
largest in the world, with 760 stores in 10 countries in Europe and Asia. Its
main brands are B&Q, Castorama, Brico Depot and Screwfix. Kingfisher also has a
21% interest in, and strategic alliance with, Hornbach, Germany's leading large
format DIY retailer, with over 120 stores in Germany and eight other European
countries.
This information is provided by RNS
The company news service from the London Stock Exchange