The City grandee chairman of the owner of B&Q will not stand for re-election, it was announced on Monday, a move which follows a string of profit warnings at the firm.
Kingfisher said Andrew Cosslett, has decided not to stand for re-election and will therefore step down from the board of directors at the conclusion of the company’s AGM on 20 June, 2024”.
He will be replaced by Claudia Arney, who has served as an independent non-executive director of Kingfisher since November 2018 and currently also chairs the board’s remuneration committee.
Her appointment will take effect at the same time.
Cosslett said: “It has been a privilege to serve as Kingfisher’s Chair over the last seven years.
“During this time we have changed and strengthened our leadership team, put in place a more effective business strategy, managed the pandemic and worked hard to further the Company’s reputation as a champion for responsible business.”
The FTSE 100, which also owns Screwfix, has been bruised by a slowdown in the housing market.
High interest rates have meant demand in the home improvement market has stalled.
The retailer, fronted by Thierry Garnier, issued two profit warnings last year as consumer spending declined and while sales in France and Poland were impacted by a “more challenging consumer backdrop.”
Shares in Kingfisher have fallen by a fifth over the past year and have slumped by 37 per cent since their post-pandemic high printed in July 2021.
Cosslett was the former chief executive of InterContinental Hotels Group (IHG), and is also the chair of the Rugby Football Union.
Catherine Bradley CBE, senior independent director, said: “On behalf of the board, I would like to thank Andy for his outstanding leadership and extensive contributions.
“He has overseen an important period of change for the company, including the launch of the ‘Powered by Kingfisher’ strategy, laying the foundation for the company’s future success. We wish him the very best for the future.”