Kingfisher CEO Vero Laury leaves

  • Push-out Score determined
  • After about four years in the position
  • Praise and thanks for Laury
  • Search for a successor
  • Laury said 108 words

(exechange) — London, United Kingdom, March 20, 2019 — Vero Laury, chief executive of Kingfisher, leaves. As announced by Kingfisher Plc in a news release and in a regulatory filing published on Wednesday, March 20, 2019, Véronique (Vero) Laury leaves her post as Chief Executive Officer at the home improvement retailer after about four years in the role.

A departure date has not yet been decided and this will be confirmed by the Company in due course and, until then, Laury will continue with her responsibilities.

Kingfisher will undertake a search for a successor.

Vero Laury’s move is part of a management shake-up also involving the position of Chief Transformation Officer.

“As part of the Board’s regular talent and succession planning process”

A reason for Vero Laury’s departure from the CEO post was not explicitly provided. Kingfisher said that, “as part of the Board’s regular talent and succession planning process, a decision has been made to launch the succession process for the position of Group Chief Executive Officer.”

Kingfisher added: “This will commence immediately. Véronique Laury, Group Chief Executive Officer, fully supports the decision, and both she and the Board wish to ensure an orderly transition.”

Precise information regarding Vero Laury’s future plans was not immediately available.

Share price decline

The announcement follows a decline in Kingfisher plc’s share price of 32 percent since February 2018.

Chaired by Andy Cosslett

Kingfisher plc is chaired by Andy Cosslett.

He was appointed to the Board effective April 1, 2017 before being appointed Chairman on June 13, 2017. Andy Cosslett’s early career was with Unilever in a variety of branding and marketing roles. He then spent 14 years at Cadbury Schweppes in senior, international roles before becoming CEO for InterContinental Hotels Group (IHG).

In the position of CEO since 2014

Véronique Laury is a highly experienced international retailer who has worked in the home improvement sector for more than 25 years in France and in the UK.

She joined Kingfisher in 2003, after spending 15 years at Leroy Merlin in various commercial roles, and in her 15 years with the business she has held several key roles including Chief Executive of Castorama France, Group Commercial Director and Commercial Director of B&Q UK & Ireland.

She became Chief Executive Officer on December 8, 2014.

Unexpected

As a general rule, when a top leader announces to step down with no successor in place, it is a sign that the change was unexpected and too early.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the likelihood that Vero Laury was pushed out or felt pressure to leave the position.

exechange reached out to Kingfisher and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 12.2019 ($).