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Wednesday, 30 October, 2002, 17:21 GMT
Carlton chief to head Kingfisher
Shoppers in a B&Q store
Kingfisher is planning to focus on its DIY interests
The head of the media group Carlton will be the new boss of Kingfisher - owner of the B&Q and Comet store chains.

Gerry Murphy will take up the chief executive position by 2 February.

Kingfisher's current boss, Geoff Mulcahy, will step down this Friday, with chairman Francis Mackay standing in until Mr Murphy arrives.

"Kingfisher is a strong business with a clear set of goals, and I am looking forward to joining a great management team with a fantastic future," said Mr Murphy.

A 'sensible choice'

There had been widespread speculation that he would take over the reigns at Kingfisher, following the announcement earlier this month that Carlton was to merge with Granada.

Kingfisher's new chief executive Gerry Murphy
Gerry Murphy - a French speaker

Mr Murphy appeared to have been sidelined in the deal with Carlton chairman Michael Green named as chairman of the new company and Granada's Charles Allen named as chief executive.

But Mr Murphy's appointment to Kingfisher was welcomed.

"We're pleased that it's happening and we're happy with the timescale," said Rupert Trotter, UK fund manager at Friends Ivory and Sime, which owns a small stake in Kingfisher.

"We think Gerry Murphy is a perfectly sensible choice - it'll be good to have a French speaker on board," he added.

Split planned

Kingfisher is Europe's biggest DIY retailer and is planning to concentrate on its home improvement business.

Comet store
Kingfisher's electrical chains are to be floated
Earlier this year it won a bitter battle to take full control of the French DIY business Castorama.

Kingfisher is planning to float its electrical goods chains, which include Comet in the UK and Darty in France, early next year.

Last year, it spun-off the Woolworths retail chain.

"Naturally, I am sad to be leaving the business before the process of transformation, which we started two years ago, is finally complete," said Mr Mulcahy.

"It is clearly important that no momentum is lost in integrating Castorama and finalising the separation of the electricals business."

Kingfisher shares closed down 2.75 pence at 215p.

See also:

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