Mackay to quit as Kingfisher chairman in May |
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Thu, 22 Dec 2005 11:10
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LONDON: Sir Francis Mackay, chairman of Kingfisher Plc., Europe's largest home improvement retailer, is retiring at the company's next annual general meeting on 24 May 2006, the company announced.
Peter Jackson, formerly chief executive of Associated British Foods Plc., will succeed Mackay. He will join the board as a non-executive director in January.
Mackay, 61, assumed the office of chairman in Kingfisher in December 2001 and oversaw the transformation of the company into a dedicated home-improvement retailer following the disposal of Woolworths and Superdrug. He said the company is now well placed as one of the global leaders in its market.
This will be Mackay's second exit. He has already announced his retirement as chairman at food retailer Compass. He had been under pressure for having to hold chairmanship of two FTSE100 companies. While Kingfisher had been the worst performer on the FTSE100, Compass had been the third-worst.
A Kingfisher spokesperson denied that Mackay had left the company because of the pressure. "He's retiring. In May, he will have been chairman for four and a half years. He'd like to move on and do different things," he said.
Mackay is learnt to be taking up an assignment in the private equity domain.
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Kingfisher's 1H profits down, plans to wind up 22 stores 