The CEO of Kingfisher's Castorama & Brico Dépôt brands has announced that he will step down from the board at the end of July, although he will remain with the business until the end of the financial year in order to assist with the negotiations to acquire Mr Bricolage, which was announced in April.

Daniel Bernard, Kingfisher's chairman, said: "We have a number of significant developments currently underway in France, including the roll-out of the Castorama 'Do it Smart' store format, the expansion of the Brico Dépôt business in France and into other European markets and, most recently, the announcement that Kingfisher is in exclusive negotiations to acquire Mr Bricolage. As we enter a new phase of our development, it is clear that the business needs the next generation of leaders to oversee these plans and so, as a result, Philippe will step down. On behalf of the Kingfisher board I would like to thank him for his very significant contribution over the years and wish him well with his remaining time at Kingfisher and for the future."

Sir Ian Cheshire, Kingfisher's group chief executive, said: "I would like to personally thank Philippe for his important work developing our businesses in France, and more recently, Eastern Europe. He has put in place a first class management team and nurtured a pipeline of executive talent which will benefit us enormously in the future. As an example of this, I am delighted to announce that Véronique Laury, CEO of Castorama France, and Alain Souillard, CEO Brico Dépôt brand International, will both be promoted to the Group Executive team, which in addition to the main Board, is responsible for the strategic decision-making of the Group."

Philippe Tible, CEO Castorama and Brico Dépôt brands, said: "We have created a strong business in France and across Europe over the past few years and developed a strong and capable team which will take our businesses through the next phase of their development. I have worked closely with Véronique Laury and Alain Souillard for many years and I welcome their promotion. I wish them well in the future."