Kevin O'Byrne, CEO of DIY chain B&Q, is rumoured to be leaving the company as its parent company Kingfisher has prepared some restructuring plans.
Bring Castorama and B&Q closer together
Kingfisher's new CEO, Véronique Laury, wants to restructure the company and aims to bring B&Q and Castorama closer together. Sources told The Financial Times that this would bring the chain under the direct control of Laury herself.
B&Q has met hard times in the United Kingdom, especially after its housing market largely crashed several years ago. O'Byrne, the former CFO, was given control of the company only 18 months ago, when Martyn Philips left.
Ia Cheshire, Kingfisher's former CEO, already tried to bring Castorama and B&Q closer together and his successor clearly believes there are more options in that regard. One of her goals is to lower the huge number of B&Q stores, some 360 at this point.