Mothercare’s Alan Parker to succeed David Newlands as chairman of Kesa
Mothercare non-executive chairman Alan Parker has been appointed as chairman of Kesa Electricals. Parker, who is currently a senior independent director of the electricals group, will succeed current chairman David Newlands who will stand down after Kesa’s AGM in September.
Commenting on the appointment Newlands said: “After nine years as chairman since the demerger from Kingfisher, I feel the time is right to step down and hand over to a new chairman who will help steer Kesa forward. I am very pleased that Alan will be taking on the role and wish him, the Board and the management team every success in the future.”
Parker added: “I am delighted to become chairman and I look forward to working with the management team in these challenging times to improve performance and deliver increased shareholder value.”
Michel Léonard, who has been a non-executive director at Kesa since February 2010, will become senior independent director and chairman of the Remuneration Commitee. Andrew Robb, who has been both a non-executive director and chairman of the Audit Committee, will retire from the Board immediately after the AGM and will be succeeded by Alison Reed as chair of the Audit Committee.
The news comes as Kesa reported a 2% decline in revenue to €4.025 billion in the year to end-April.
The group said its markets throughout Europe had been “exceptionally difficult” which is reflected in its overall results. Adjusted group profit before tax was €59 million compared to €102.4 million in 2011. Group retail profit was €70.1 million versus €117.3 million in 2011.
Thierry Falque-Pierrotin, chief executive of Kesa said: “The market across Europe is expected to remain tough, but we will benefit from the strength of our service led positioning, cross channel approach and improving operational efficiency.”
