The chief executive of Kingfisher, the parent company of B&Q and Screwfix, has announced his departure after being recruited by a Dutch-Belgian supermarket conglomerate. Thierry Garnier, who has led the FTSE 100 firm for nearly seven years, will step down to become president and chief executive of Ahold Delhaize, a €35bn global retail giant.
Garnier's Tenure at Kingfisher
Garnier joined Kingfisher in September 2019, just months before the Covid-19 pandemic forced store closures and a sharp decline in revenue. Under his leadership, the company recovered from the pandemic and implemented the 'Powered by Kingfisher' strategy, which included innovations such as AI-powered shopping platforms and expansion of trade businesses.
Strategic Innovations and AI Push
Garnier drove Kingfisher's adoption of artificial intelligence, partnering with Google Cloud to deploy AI shopping across several brands. He noted that Kingfisher was an early adopter in this area and considered itself a leading retailer. The company also saw revenue growth in its UK brands, B&Q and Screwfix, through aggressive store expansion.
Departure and Transition
Kingfisher confirmed that Garnier will serve a one-year notice period while the board searches for a successor. He will assume his new role at Ahold Delhaize in April 2027, replacing outgoing CEO Frans Muller. Claudia Arney, Kingfisher's chair, praised Garnier for his leadership during the pandemic and his role in driving strategic innovations.
Market Reaction
Kingfisher's share price rose 0.5% on Wednesday to 282p, though the stock remains down over 10% year-to-date. The company faces challenges in its French brands, Castorama and Brico Depot, which have experienced falling sales.
Garnier expressed his gratitude, stating, "It has been a real privilege to serve as Kingfisher's CEO over these years. I am very proud of the progress we have made together." He remains committed to ensuring a smooth transition before his departure.
