Kingfisher sheds two more
Tuesday 14 February 1995
The shake-up sees the departure of Nigel Whittaker, Kingfisher's corporate affairs director and one of the original members of the management buyout team that founded the company in 1982. Tim Breene, the strategy director who joined the board last year, will also be leaving. Their roles "are no longer appropriate", the company said.
Both are on controversial three-year rolling contracts and will be entitled to substantial compensation. Mr Whittaker draws a salary of £410,000, so he could be entitled to up to £1.2m. Mr Breene's salary is not disclosed in the latest annual report.
Their departures are part of a strategy review that will see the head office staff reduced from 100 to 60. Most of the positions will be redeployed within the operational business but there will be some redundancies. Costs at Kingfisher's head office, once a model of corporate thrift, have mushroomed to around £15m a year.
The clear-out means that four of the top board directors have left the troubled high street retailer since a profits warning in January. Last month Kingfisher announced that the chief executive, Alan Smith, and finance director, James Kerr-Muir, were to leave the group and that the former chairman, Sir Geoff Mulcahy, was to take the reins as chief executive.
Neither Mr Whittaker nor Mr Breene will depart immediately. Mr Whittaker will stay on "for a while" to hand over some of his responsibilities.
Sir Geoff said: "What we are doing is refocusing management more clearly and making those responsible for running the businesses more accountable. Unfortunately changes of this kind means casualties. We are sorry to be losing both Nigel and Tim. In particular I would like to thank Nigel for his contribution over many years."
Nigel Whittaker declined to comment yesterday but a spokesman said: "It's been a long-term partnership and I imagine it is quite an emotional time for them. It's not been easy for Geoff to make a decision like this."
Analysts regarded the departures as inevitable. One said: "They have paid the price for the previous problems. It was difficult to justify their position on the board." Another said the clear-out intensified the pressure on Sir Geoff to turn Kingfisher around. "The director changes were unavoidable stuff but it does not alter the critical problem of how they run the businesses in tough markets."
The shares dipped 3p to 426p.
Board creates magnetic field to achieve lift
Follow the latest events from this Champions League fixture
Like Madonna, Sister Cristina Scuccia's video is also set in Venice
Singer says the track was 'force-fed down people's throats'
techThe original free dating app will remain the same, developers say
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 4 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 5 The inventor of the Facebook 'like' button says he never made a 'dislike' button because he feared the 'unfortunate consequences'
Ukraine crisis: Donetsk 'tactical missile' explosion at factory sends blast wave across rebel-held city
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Oscar de la Renta dead: Legendary US fashion designer dies after long cancer battle aged 82
Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
Lord Freud hangs on as MPs of all parties 'call for his head' over disability comments
iJobs Money & Business
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....