This release contains inside information
Kingfisher announces that its Chairman, Daniel Bernard, has informed the Board that he will retire as Chairman and step down from the Board at the AGM in June 2017, after eight years as Chairman and 11 years on the Board. His successor, Andy Cosslett, will be appointed to the Board as a non-executive director and Chairman-designate on 1 April 2017, formally taking over as Chairman at the conclusion of the AGM, once an orderly handover is complete.
Daniel Bernard, Chairman, said:
“We are delighted to welcome Andy to Kingfisher. He is a very experienced board director with strong branding and consumer credentials gained at companies such as Unilever, Cadbury Schweppes and InterContinental Hotels. As we are now at the end of the first year of our exciting five year transformation plan, I believe it is the right time for a new Chairman to oversee its full delivery and Andy is uniquely placed to do this. It has been a real privilege to chair this company and I wish Andy, Véronique and all the team the very best for the future.”
Véronique Laury, CEO, said:
“I would personally like to thank Daniel for his support and wise advice since my appointment as CEO two years ago. His deep understanding of retail and its necessary evolution, his passion for people and his great leadership has been so important to Kingfisher, the Board, the leadership team and of course, myself. He has supervised the new strategic thinking as well as the first successful year of transformation with challenge and dedication. I have been lucky to work with him. I now look forward to working with Andy, remaining as confident as ever in our ability to deliver our plan.”
Andy Cosslett, said:
“I am very pleased to be taking on this role at such an exciting time for the company and look forward to joining a very strong and diverse board.”
Andy Cosslett’s early career was with Unilever in a variety of branding and marketing roles. He then spent 15 years at Cadbury Schweppes in senior, international roles before becoming CEO for InterContinental Hotels Group (IHG). Andy was at IHG for six years, creating value by leveraging the power of its brands alongside effecting significant transformational and cultural change. He served as CEO for Fitness First from 2012 to 2015, where he was again successfully instrumental in repositioning the brand. Since 2015 Andy has also been Operating Partner for Advent International.
Andy joined the Board of the Rugby Football Union (RFU) in April 2012 and he served as Chairman of the organising committee of the 2015 Rugby World Cup. He was appointed Chairman of the RFU in October 2016.
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There are no additional matters that would require disclosure under LR 9.6.13 R (1) to (6) in relation to this appointment.