Kingfisher, parent company of B&Q and Screwfix Direct, have announced, as expected, that Ian Cheshire will succeed Gerry Murphy as group chief executive, effective as of Monday this week.
Kingfisher chairman Peter Jackson said: “Following a rigorous review of candidates, internally and externally, I am delighted to announce the appointment of Ian as our new chief executive.
“He has extensive experience of international home improvement retailing and knowledge of the Kingfisher businesses, both in the UK and internationally. This makes him 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.”
Ian Cheshire said: “I’m excited by the challenge of leading Kingfisher and believe there is significant potential for a real step change in shareholder value. To achieve this, we will move at pace, focusing on the customer, tightening our control of costs and making sure that our cash and capital works more productively. Every part of the Group must deliver value to our shareholders. With the right team consistently focused on these clear priorities I believe we can improve shareholder returns.”