business
Kingfisher CEO Thierry Garnier to Depart After Seven Years for Ahold Delhaize Role
Thierry Garnier, chief executive of Kingfisher, announced his departure after nearly seven years to lead Ahold Delhaize. He will replace the retiring CEO at the Dutch-Belgian retailer next year. Kingfisher has begun searching for a successor while Garnier serves a 12-month notice period.
May 6, 3:29 AM·2m read1 source
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Thierry Garnier, chief executive of Kingfisher, the owner of B&Q and Screwfix, stated he will step down after nearly seven years in the role. He announced the move on Wednesday, with an exact departure date not yet set. Garnier is set to become president and chief executive of Ahold Delhaize, a €35 billion Dutch-Belgian conglomerate that operates supermarkets and convenience stores globally, starting next year.
Garnier joined Kingfisher in 2019 following a 20-year tenure at Carrefour, a French multinational retailer. During his time at Kingfisher, the company expanded its digital business following the Covid-19 pandemic and entered the Polish market. Kingfisher operates brands including Castorama and Brico Dépôt in France and Poland.
Over the past five years, Kingfisher shares have declined by more than a fifth, amid reduced demand after the pandemic-driven DIY surge and lower consumer confidence in France and Poland. On Wednesday, shares fell 1 percent to 278p in early trading.
The company reported that Garnier would remain focused on his current duties during a 12-month notice period, as the search for a successor is already underway. Claudia Arney, chair of Kingfisher, stated that Garnier oversaw the launch of the 'Powered by Kingfisher' strategy and led the company through the pandemic.
She added that he drove innovations such as marketplaces and trade business development. Garnier is expected to replace Frans Muller at Ahold Delhaize, subject to shareholder approval, following Muller's retirement after about eight years.
