LONDON, June 12 Philippe Tible, chief executive
of Kingfisher's Castorama and Brico Depot brands is to
leave Europe's No. 1 home improvement group next year, the firm
said on Thursday.
Kingfisher said Tible will step down from the board and the
executive team at the end of July but will remain with the
business until January 2015 to help with negotiations to buy Mr
Bricolage - a 275 million euros ($374 million) deal
Kingfisher announced in April.
Tible is currently responsible for the group's Castorama and
Brico Depot businesses, which are mainly in France but also
trade in eastern Europe.
Kingfisher said Véronique Laury, CEO of Castorama France,
and Alain Souillard, CEO Brico Dépôt brand International, will
both be promoted to the group executive team, which sits below
the group's main Plc board.
As well as negotiating the Mr Bricolage deal the group is
currently rolling-out a new Castorama store format in France and
expanding Brico Depot in France and other European markets.
"As we enter a new phase of our development, it is clear
that the business needs the next generation of leaders to
oversee these plans," said Kingfisher Chairman Daniel Bernard.
Tible will be eligible for compensation for loss of office,
though details are yet to be disclosed. Shares in Kingfisher, up
12 percent over the last year, were down 0.4 percent.
Tony Shiret, analyst at Espirito Santo Investment Bank, who
has a sell stance on the stock, said Tible's exit was "bad
"Genuinely talented retailers have been in desperately short
supply over the last 10-15 years. So to cast one aside seems to
us fundamentally a wrong decision."
($1 = 0.7345 Euros)
(Reporting by James Davey; editing by Kate Holton)