Kingfisher has announced that its chair of the board, Andrew Cosslett, will step down from his role after seven years.
The executive will leave his position at the end of Kingfisher’s annual general meeting on 20 June, with the company’s independent non-executive director, Claudia Arney, taking over the role.
Arney, whose appointment will take effect at the same time, also currently chairs the board’s remuneration committee.
Andrew Cosslett said: “It has been a privilege to serve as Kingfisher’s chair over the last seven years.
“During this time we have changed and strengthened our leadership team, put in place a more effective business strategy, managed the pandemic and worked hard to further the company’s reputation as a champion for responsible business.”
Claudia Arney also commented: “Since joining the board in 2018, I have learned a great deal about the complexities and nuance of our business and retail banners, and about our 80,000 passionate and committed colleagues in many countries. It is an honour to take on the role.”
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Non-executive director of the business, Rakhi Goss-Custard, will take over Arney’s role of chair of the board’s remuneration committee.
Last month, Kingfisher warned on profits for the third time in six months, as it posted a 25% drop in full-year profits following weak performances across its French and Polish arm.
Adjusted pre-tax profits for the DIY group plunged to £568m in the year to 31 January, down from £758m, weighed down by lower retail profit and higher central costs. On a statutory basis, profits fell 22% to £475m.
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