Cork native Gerry Murphy is to step down as chief executive of Kingfisher, the world's third-largest home-improvement retailer and owner of B&Q.
Mr Murphy (51) will hand over the role when Kingfisher's fiscal year ends on February 2nd, the London-based company said in a statement yesterday without naming a successor.
The retailer's next chief executive will be tasked with extending a recovery at B&Q, the home-improvement chain. Sales growth at B&Q stores open at least a year resumed this year after eight consecutive quarters of decline.
Kingfisher shares are little changed since Mr Murphy took over in February 2003. He will leave with a payoff worth as much as £2.25 million (€3.24 million), Kingfisher spokesman Nigel Cope said.
Mr Murphy's lack of retail experience was cited as a concern by investors when Kingfisher appointed him to the role.
He joined from Carlton Communications plc after the television company agreed to be bought by Granada plc. One of his first tasks was to manage the acquisition of Castorama, Kingfisher's French unit.
"I am proud of the progress we have made over the past five years, and it is the right time for me to move on and hand Kingfisher over to a new leader," he said yesterday. - (Bloomberg)
