Boss of B&Q owner quits after poaching by Dutch supermarket
Thierry Garnier, the chief executive of B&Q owner Kingfisher, has said he will step down after being poached by a Dutch-Belgian retail giant.
The French businessman has helmed the FTSE 100 firm, which also owns Screwfix and home improvement brands across Europe, for nearly seven years.
Garnier will become president and chief executive of Ahold Delhaize, the €35bn owner of a global portfolio of supermarket and convenience store brands.
The Dutch-based supermarket giant said Garnier will replace its outgoing chief Frans Muller in April 2027, and Kingfisher said he will serve his one-year notice period while a successor is found.
Garnier joined Kingfisher in September 2019, shortly before the Covid-19 pandemic forced it to shutter its shops and saw revenue tumble.
Kingfisher recovered from pandemic closures
The firm’s previous head, Veronique Laury, had surprised investors when she announced her shock departure, after her drastic overhaul of the business left profits heading downwards.
Claudia Arney, Kingfisher’s chair, said: “During his tenure, Thierry has overseen the launch and progress of our ‘Powered by Kingfisher’ strategy [and] led the company through the Covid-19 pandemic.
“[He has] driven many strategic innovations such as the launch of Kingfisher’s marketplaces and the development of our trade business, while also executing at pace on all our priorities.”
Garnier has driven Kingfisher’s push towards artificial intelligence, as the group partners with Google Cloud to deploy in-house AI shopping across several of its brands.
AI shopping is “an area where Kingfisher was an early adopter, and we see ourselves as a leading retailer,” chief executive Thierry Garnier said in a results call earlier this year.
Garnier: ‘Privilege’ to lead Kingfisher
Garnier said on Wednesday: “It has been a real privilege to serve as Kingfisher’s CEO over these years. I am very proud of the progress we have made together and what we continue to build for the future.
“I remain focused on continuing to execute on our strategic plans with all my energies, so as to leave Kingfisher in the best possible shape for the future, and I look forward to ensuring a successful transition to my successor in due course.”
B&Q and Screwfix saw revenue jump in Kingfisher’s most recent results, as both brands engage in an aggressive store expansion across the country.
But the firm is suffering from falling sales in its French brands, Castorama and Brico Depot.
Kingfisher’s share price jumped by 0.5 per cent on Wednesday’s market open, to 282p, leaving the stock down more than 10 per cent in the year so far.