French woman to succeed Sir Ian Cheshire as Kingfisher boss

DIY retail chain unveils Véronique Laury as successor to Sir Ian

Veronique Laury is an 11-year Kingfisher veteran Credit: Photo: Kingfisher

Kingfisher boss Sir Ian Cheshire is to step down after seven years at the helm of the company.

He will be replaced by Véronique Laury, who currently heads up Castorama, one of Kingfisher's French businesses. Her appointment will bring the total number of female FTSE 100 chief executives to five.

The company, which also owns Britain's B&Q, said Sir Ian was quitting to make way for the "next phase of Kingfisher's evolution". This involves ramping up Kingfisher's online offering, expanding its Screwfix and Brico Dépôt businesses and integrating the recently acquired Mr Bricolage with the French business.

Sir Ian has spent 16 years at Kingfisher, including 14 years as a board member and seven as chief executive.

Ms Laury is also a Kingfisher veteran, having spent 11 years in the business.

IAN CHESHIRE CHIEF EXEC B&Q pictured at the Reading store
Sir Ian Cheshire's successor Veronique Laury is also a company veteran Credit: Roger Taylor

Sir Ian Cheshire will step down by the end of the financial year. Photo: Roger Taylor

"Now is the right time to hand over to a new leader and I am delighted that Véronique, who I have worked closely with for over 11 years and know is superbly qualified for the job, has agreed to take over from me," said Sir Ian.

"Having taken over the leadership role in the depths of the financial crisis I am proud that the Kingfisher of today is a much stronger business, with a more profitable and sustainable model," he added.

The announcement came as the company posted a 6.5pc slide in pre-tax profits to £375m for the first six months of the year, largly due to a "sharp market downturn" in France, the group's biggest market.

Kingfisher said like-for-like sales climbed 0.9pc, pulled up by a 6.6pc increase in revenues from the UK and Ireland business, which comprises B&Q and Screwfix.

It added that B&Q UK & Ireland delivered its best first-half sales growth in more than a decade thanks to "simpler" pricing and a series of price cuts.

Sir Ian said the UK business provided a bright spot for the group, thanks to better weather and "encouraging signs" in the smaller tradesman market.