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improvements retailer Kingfisher has said its chief executive Ian Cheshire is
to step down after nearly seven years in charge of the company.
He
will be succeeded by the boss of French unit Castorama, Veronique Laury.
Ms
Laury will become the fifth female chief executive on the FTSE 100 index.
The
succession plan came as Kingfisher reported a dip in first-half profit, as a
boost from good weather in the first quarter was offset by a tougher second
quarter.
The
company, which owns B&Q and Screwfix in the UK, reported pre-tax profits
for the six months to 2 August of £375m compared with £401m for the same period
a year ago.
Ms
Laury joined Kingfisher 11 years ago and is currently a member of the
group
executive committee. She is expected to take over from Mr Cheshire before
January.
"This
decision, reached during the regular succession discussions between the board
and (Mr Cheshire) recognises that the next phase of Kingfisher's evolution
requires a significant leadership commitment and continuity," the company
said.
Kingfisher
expects the next five years will be busy as it develops its IT systems and
expands Screwfix and Brico Dépôt into new markets.
The
company said fine weather helped sales at stores open over a year rise 6.1% but
added it experienced a sharp slowdown in its second quarter.
Shares
in Kingfisher rose 2.5% to 315.00p on the London Stock Exchange in early
trading.
The
firm warned in July that its markets in the second quarter had been slower than
anticipated, particularly in France and Poland.
"Whilst
our French business saw an improvement in August we remain cautious about the
economic backdrop," said Mr Cheshire.
First
half sales across the business rose 0.9 % to £5.77bn and were up 1.8% on a
like-for-like basis.
BBC
Business
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