Kingfisher announces CEO exit

LONDON, Mar 20 (AFP): Flagging European home-improvements retailer Kingfisher announced on Wednesday the departure of chief executive Veronique Laury, and signalled fresh closures of underperforming stores.

The company did give a precise reason for the exit of the Frenchwoman, who has been CEO at the London-listed company since late 2014. "Kingfisher plc today announces that ... a decision has been made to launch the succession process for the position of group chief executive officer," it said in a brief statement alongside gloomy annual results.

"This will commence immediately. Veronique Laury fully supports the decision, and both she and the board wish to ensure an orderly transition."