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14 April 2024

Kingfisher poaches Carrefour's Asia boss as new CEO


British group Kingfisher, Europe's biggest home-improvements retailer, on Thursday announced it has appointed the head of Carrefour's Asia operations, as its chief executive.

Frenchman Thierry Garnier will take the reins from Veronique Laury in the autumn and will be based in London, Kingfisher said in a brief statement.

Laury, who is also French, has been at the helm of the London-listed company since late 2014, in which time it has been plagued by growing economic uncertainty and turbulent trading conditions in the retail sector.

Garnier "is a highly talented international retailer and proven business leader, with a strong track record over many years at Carrefour", said Kingfisher chairman Andy Cosslett on Thursday.

"Throughout his career he has led significant businesses through complex change programmes while operating in competitive and rapidly changing retail environments."

Laury has come under fire as Kingfisher's sales and profits have continued to tumble despite her efforts under an ongoing transformation plan.

Late last year, she unveiled a drastic restructuring to re-focus on main markets Britain and France - and exit Portugal, Russia and Spain.

Kingfisher is the owner of French chains Castorama and Brico Depot, as well as Britain's B&Q, and has more than 1,200 stores in ten countries around the world.