30 October 2002
Kingfisher announces new Chief
The Board of Kingfisher announced today that Sir Geoffrey
Mulcahy is to step down as its Chief Executive on 1 November and
that Gerry Murphy will be appointed as his successor. Sir Geoffrey
will formally retire from the Group and the Board of Kingfisher on
30 April 2003.
Gerry Murphy will take up his new position no later than the
start of the Group’s next financial year on 2 February 2003.
Pending his arrival, the Group’s management board will be
chaired by Kingfisher’s chairman, Francis Mackay.
The Board, on behalf of all of the stakeholders in Kingfisher,
expressed its sincerest thanks to Sir Geoffrey for his leadership
of the Group since its inception as Paternoster almost exactly 20
years ago – over which period of time he has steered
Kingfisher to its present position as a leading force in British
and international retailing.
Chairman Francis Mackay said: “I am delighted that Gerry
Murphy has agreed to join Kingfisher. His leadership skills will
ensure that we continue to pursue our strategic agenda with a clear
sense of purpose, and that Kingfisher will continue to deliver on
the challenging objectives we have set for ourselves.
“I would like also to express my personal gratitude to
Geoff for his support and wise counsel since I arrived as Chairman
of the Group. Geoff is an outstanding figure in British business,
whose vision and grasp of strategic opportunities have been
critical to Kingfisher’s remarkable story from the outset. We
shall miss him, and wish him every success with his future
Sir Geoffrey Mulcahy said: “My feelings today can be well
imagined, as I welcome Gerry Murphy to Kingfisher and hand on the
responsibility of leading the magnificent business we have created
over the past 20 years. I am immensely proud of that achievement
and will remain forever grateful to my colleagues past and present
who have given their all to Kingfisher over the years.
“Naturally, I am sad to be leaving the business before the
process of transformation, which we started two years ago, is
finally complete. It is clearly important that no momentum is lost
in integrating Castorama and finalising the separation of the
electricals business. This will leave Kingfisher uniquely well
positioned as the clear leader in the European DIY market and the
most international of all DIY retailers globally.”
Gerry Murphy said: “Sir Geoffrey Mulcahy has created a
major force in world retailing and I am honoured to be his
successor. Kingfisher is a strong business with a clear set of
goals, and I am looking forward to joining a great management team
with a fantastic future.”
Notes To Editors
Gerry Murphy (46) is married with two children and has dual
Irish and British nationality. He was educated in Ireland where
he received his doctorate from the University College of Cork
followed by a MBS degree in Marketing from the University College
Gerry joined Grand Metropolitan plc in 1978 before moving on
to become the Chief Executive of Greencorps Group plc in Dublin
in 1991. Greencorps is a leading Dublin-based food company which
at the time employed 3000 people in Ireland, the UK and Belgium.
He then became Chief Executive in 1995 of Exel plc, one of the
world’s largest logistics and moving-services companies,
employing 39,000 people at 1000 locations in 20 countries. Its
principal businesses were Exel, BRS, Lynx, Pickfords and Allied
International with an annual turnover in 1999 of £2.5 billion,
half of which came from the UK.
In 2000, Gerry joined Carlton Communications plc as its Chief
Executive. Carlton Communications plc is a leading UK media
company employing 3,300 people. For the year ended 30 September
2001, Carlton reported pre-tax profits of £118 million on sales
of £1,026 million.
His resignation as chief executive of Carlton Communications
plc was announced earlier today.
Sir Geoffrey Mulcahy, aged 60, was re-appointed Group Chief
Executive of Kingfisher in January 1995, having been Executive
Chairman since 1993 and Chairman from 1990. He had previously
been appointed Chief Executive of the Group in 1986.
He joined Kingfisher at the end of 1982 when it was a part of
the Paternoster consortium which took over F W Woolworth - first
as Group Finance Director and from August 1984 as Group Managing
Director. In these roles he was instrumental in the
reorganisation and expansion of the Group during the early 1980's
and its subsequent major development in the UK and
Major milestones included the organic expansion of the
Group’s B&Q DIY chain and the acquisitions of Comet in
1984, Darty in 1993 and of a controlling stake in Castorama in
1998. From a business with an initial market capitalisation in
1982 of £105 million, Kingfisher has grown to be one of
Europe’s leading retailing groups, with annual turnover of
£9.6 billion from more than 1,400 outlets in 17 countries. Its
current market capitalisation is £5.6 billion.
The Maitland Consultancy
+44 (0)20 7379 5151