Kingfisher, the parent company of B&Q and Screwfix, has named the chief executive of European DIY retailer OBI as its incoming chief executive. Sebastian Gundel will succeed Thierry Garnier, who is departing at the end of the year. Chief financial officer Bhavesh Mistry will step in on an interim basis until February 1 to support a smooth transition.
New leader's background
Mr Gundel has led German-headquartered European chain OBI since 2022. The business operates more than 660 stores and employs 40,000 staff across 10 countries, including its domestic market of Germany. Having joined OBI as head of corporate development in 2012, Mr Gundel progressed through a series of senior positions before taking the helm four years ago.
Chair's welcome
Kingfisher chair Claudia Arney, who is set to remain in her role until Kingfisher's 2029 AGM, 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."
Five-month search concluded
Mr Gundel's appointment comes after a five-month search, following Mr Garnier's announcement in May that he intended to depart to lead Netherlands-based supermarket group Ahold Delhaize. Mr Gundel said: "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."
Outgoing CEO's legacy
Mr Garnier has steered Kingfisher for nearly seven years, having taken the helm as chief executive in September 2019, shortly before the Covid-19 pandemic hit and during a turbulent period for the group, which was closing stores and grappling with plummeting profits. He arrived with a mandate to address problems with the group's IT infrastructure and supply chain in France, while pausing certain initiatives to focus on reversing declining sales. Mr Garnier said: "It has been an honour to lead Kingfisher, and I am proud of what our teams have achieved together. Sebastian brings deep sector expertise, a strong customer focus and a proven track record of performance. I am confident that he will successfully lead Kingfisher through its next chapter."
