Kingfisher hires Sebastian Gundel as CEO as Garnier departs for Ahold

Kingfisher PLC on Tuesday said it has hired Sebastian Gundel as its new chief executive, starting on February 1.

The London-based do-it-yourself home improvement retailer's outgoing CEO, Thierry Garnier, is leaving to take up the same role at Zaandam, Netherlands-based grocer Ahold Delhaize NV.

Garnier will remain CEO of Kingfisher until December 31. Chief Financial Officer Bhavesh Mistry will take over on an interim basis for the month of January, before Gundel's appointment comes into effect.

Additionally, Kingfisher confirmed that Chair Claudia Arney will remain in-post until the company's annual general meeting in 2029.

Kingfisher praised Gundel's "more than two decades of leadership experience in the home improvement sector", which has included a stint as CEO of OBI, a privately-owned home improvement retailer based in Wermelskirchen, Germany and founded in 1970.

Chair Arney said: "Sebastian combines deep experience in home improvement retail and clear expertise in Kingfisher's strategic growth drivers with a strong track record of innovation and operational delivery. He will build on the significant progress made under Thierry's leadership while bringing fresh perspectives as we continue to evolve the business. Sebastian has the board's full support as he leads Kingfisher through its next phase of growth and value creation."

Incoming CEO Gundel added: "I have long admired the strength and diversity of Kingfisher's retail banners, its scale and its strategic ambition. The industry is evolving rapidly, creating significant opportunities across trade, digital, marketplaces, services and new customer propositions. I am much looking forward to working with the team to build on those opportunities and create sustainable long-term value."

Back in May, Kingfisher said that Garnier had resigned "to take up a senior leadership role at another company outside of Kingfisher's markets", at which point Ahold announced it had hired Garnier.

Garnier has been in post at Kingfisher for seven years, prior to which he worked at French big-box retailer Carrefour SA for more than two decades.

Kingfisher shares rose 1.0% to 322.40 pence each on Tuesday morning in London, for a market capitalisation of £5.32 billion. Ahold Delhaize traded 0.3% higher at EUR31.47 per share in Amsterdam for a EUR27.47 billion market cap.

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