Garner Set to Take the Reins at No-Moat Kingfisher; Shares Remain Undervalued
No-moat Kingfisher announced on June 26 that Thierry Garner will succeed CEO Veronique Laury by the end of September 2019. We have a favorable opinion of Garner, who has spent the past two decades in senior roles at Carrefour (a French multi-national retailer). His experience leading the Carrefour Asian business since 2012 and specializing in digital and e-commerce sales fits well with the current Kingfisher corporate strategy of shifting to smaller format stores and emphasizing digital channels...
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