Press release:
Kingfisher announces new Chief Executive

30 October 2002

30 October 2002

Kingfisher announces new Chief Executive

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 endeavours.”

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.”

-ENDS-

Notes To Editors

1. 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 of Dublin.

   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.

2. 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 internationally.

   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.

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