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Kingfisher names investment banker as new director

B&Q owner Kingfisher has today announced the appointment of investment banker Mark Seligman as its new Senior Independent Director.

Currently a senior adviser at Credit Suisse, although he is set to retire from that role at the end of 2011, Seligman has huge experience of working in the boardrooms of City firms and will join the home & DIY specialist on January 1st 2012.

Having begun his career with Price Waterhouse, he went on to become both Deputy Chairman Europe and Chairman of UK Investment Banking at Credit Suisse, and is currently Non-Executive Deputy Chairman of security business G4S.

Kingfisher, which reported in September that first-half pre-tax profits were up 24 per cent year-on-year to £439 million, is currently looking to expand its network of stores internationally with nine new home improvement outlets planned for the Russian market over the next two years.

The post-recession retail market in the UK has been tough, and larger companies operating in the industry are increasingly looking abroad to grow their businesses.

Commenting on the group’s new appointment, Kingfisher CEO Ian Cheshire said: “I am delighted to welcome Mark to Kingfisher.

“His long career in the City will be a great asset to Kingfisher, as will his experience gained from his directorships of other major companies.”

Daniel Bernard, Chairman of the company, added: “Mark is a distinguished investment banker and I’m sure his experience will be of great benefit to the group.

“He will further enhance our board, which already includes directors with experience gained at Apple, Tesco and Ikea, among others. I look forward to working closely with him.”

Source : Ben Sillitoe – Retail Gazette

18 November 2011
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