Véronique Laury, the fiery French successor to the patrician Sir Ian Cheshire at the helm of the Anglo-French DIY conglomerate, declared that once her five-year plan had run its course, investors could look forward to no less than £500m of extra profits a year — an eye-popping 73% increase. Kingfisher CEO Veronique Laury is fighting for survival. Three years into a five year plan, there is no sign of the promised 73% profit increase. Sales at B&Q and Castorama are in decline, profit is stagnating and her push to consolidate procurement operations is burning cash. Senior managers have headed for the exit and Laury has been criticised for vocalising the difficulties of delivering her plan. Market conditions are compounding the self-inflicted problems, while Laury maintains the strategy is bearing fruit. The company says it will cut costs by €1bn over four years, but this may not be enough to keep up with rising fuel prices or pay back its debt.
Kingfisher CEO Veronique Laury is fighting for survival. Three years into a five year plan, there is no sign of the promised 73% profit increase. Sales at B&Q and Castorama are in decline, profit is stagnating and her push to consolidate procurement operations is burning cash. Senior managers have headed for the exit and Laury has been criticised for vocalising the difficulties of delivering her plan. Market conditions are compounding the self-inflicted problems, while Laury maintains the strategy is bearing fruit. The company says it will cut costs by €1bn over four years, but this may not be enough to keep up with rising fuel prices or pay back its debt.