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Group Break-Up Possible Under New Kingfisher CEO

Thierry Garnier 725 x 500.jpg

Andy Cosslett, chairman of Kingfisher, has said that the company could be broken up under incoming CEO Theirry Garnier.

Yesterday, Kingfisher posted a poor half-year performance, with Group sales decline of 1.8%

In a presentation to shareholders and analysts, Andy Cosslett answered a question regarding a potential break up by stating:   

“Thierry [Garnier] arrives with absolutely no handcuffs, we’ve asked him to come in and use his knowledge and experience to look at everything. He has complete freedom to decide what he brings to the board. I’m ruling nothing in or out at this point,” 

“He is being employed to come and help us understand how we make the most of the business and the assets we have. From now on, how we move forward and get some returns is very important because our investors have been very patient with us.”

Kingfisher's sales declined by 0.9% to just under £6bn, while statutory profit before tax was £245m, 12.5% lower than the same period in 2018.

More details on the results can be found in the following stories:

Screwfix Like-For-Like Sales Rise by 5.1% 

Screwfix Growth Counters B&Q Decline In UK & Ireland

Kingfisher Interims: Group Like-For-Like Sales Decline by 1.8%

Kingfisher: France Struggles; Strong Growth From Poland & Romania

Thierry Garnier will officially take on the role of CEO on Wednesday 25th September, the day Véronique Laury leaves the business.

Click here to view the presentation given to shareholders and analysts on Wednesday 18th September.  

Source : Insight DIY Team

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19 September 2019

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