B&Q and Screwfix owner Kingfisher has named the boss of European DIY chain OBI as its incoming chief executive from next February.
Sebastian Gundel will take over the top job from Thierry Garnier, who will leave at the end of the year, with chief financial officer Bhavesh Mistry acting in the role on an interim basis until February 1 to “support a smooth transition”.
Mr Gundel has headed up European chain OBI, which is headquartered in Germany, since 2022.
OBI has more than 660 stores and 40,000 staff across 10 countries, including its home market of Germany.
Sebastian Gundel has headed up OBI since 2022 (Kingfisher/PA)
He joined OBI as head of corporate development in 2012 before taking on a number of senior roles and becoming chief executive four years ago.
Kingfisher chair Claudia Arney, who will remain in post 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.”
Mr Gundel’s appointment follows a five-month search after Mr Garnier announced his plans to leave in May to head up Netherlands-headquartered 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.”
Mr Garnier has led Kingfisher for nearly seven years, having joined as chief executive in September 2019, just before the Covid 19 pandemic struck and at a torrid time for the group, which was shutting shops and battling tumbling profits.
He joined with a priority to fix issues with the group’s IT and supply chain in France and halting some initiatives to concentrate on reversing sales declines.
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.”