B&Q owner appoints new chief

25-01-2008

B&Q owner appoints new chief
B&Q owner Kingfisher has named Ian Cheshire as its new chief executive, succeeding Gerry Murphy, who will be stepping down from the post after five years.

Mr Cheshire, who is currently managing director of B&Q, is set to take over on January 28th after a three-month search.

Peter Jackson, Kingfisher's chairman, said Mr Cheshire was "uniquely placed to lead the business and drive through the changes necessary to improve returns and maximise the value available from the opportunities in our business".

Many retailers have been feeling the impact of the credit crunch and subsequent decrease in consumer spending. As the new chief executive, Mr Cheshire, a fluent French speaker, will be charged with reversing the sales decline at B&Q.

"I'm excited by the challenge of leading Kingfisher and believe there is significant potential for a real step change in shareholder value," said Mr Cheshire.

"Every part of the group must deliver value to our shareholders."

The owner of the UK's largest home improvement retailer said trading remains "broadly in line with expectations" and that it would release its fourth quarter update in late February.

The company, which has seen its value drop by 40 per cent over the past year, has seen its share price fall roughly 2.9 per cent to 138.50p in morning trading, despite the upbeat announcement.

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