Kingfisher, the owner of B&Q, announced the departure of its finance chief today, as a boardroom shake-up followed a string of profit warnings which had left the City on watch for top-level management changes.
Bernard Bot will “retire” from the FTSE 100 firm, after being in the job since 2019. He will be replaced by Bhavesh Mistry, currently the CFO of British Land, and deputy CFO of Tesco between 2018 and 2021.
The multinational has a major presence in French and Polish markets and issued it latest profit warning in March, cutting its earnings forecasts to a range between £490 million and £550 million, under forecasts of £560 million.
That followed a similar cut in November and one in September.
The run stoked concern in the City at the speed of the company’s turnaround plan under Thierry Garnier, its chief executive. He has pledged to address the worst-performing outlets in Kingfisher’s Castorama chain in France. Its Polish shops have also struggled, while the performance of its core UK and Ireland chains, and its Screwfix brand, have been stronger.
The date when Mistry will move over from British Land has not yet been set, but Bot will go “no earlier than January 2025”, the firm said today, and he will “support the transition before his retirement”.
Bot said: “It has been a privilege to serve as CFO and I would like to thank Thierry and the Board for their confidence and support. ... There is still a lot to do in the coming months and I look forward to my remaining time at Kingfisher.”
Mistry said: “The pace of change at Kingfisher in recent years has been impressive and I am looking forward to working with its talented teams.”
After a home improvement boom during the pandemic boosted sales, Kingfisher has been trying to replicate its successful B&Q e-commerce business on the continent. Known for its large out-of-town warehouse-style outlets, it is also trialling smaller click-and-collect stores on high streets, including in London.
Garnier said: “Bernard has been integral to the transformation of our business ... and played a key role in leading us through the challenges of the pandemic.”
Kingfisher employs 78,000 people and has a market value of almost £5 billion.
