Kingfisher owns the B&Q brand.

Kingfisher have announced the departure of its chief executive Veronique Laury on Wednesday, sending shares downwards.

Kingfisher had been undergoing a financial transformation plan under the leadership of Laury, named “One Kingfisher”.

However, profits tumbled 13% of the course of the last year in the company’s latest results.

No official date has yet been given for her departure.

Véronique Laury, Chief Executive Officer, commented:

“I have enjoyed leading the ONE Kingfisher team through the transformation to become the leading home improvement company. We have a strong purpose to create good homes by making home improvement accessible for everyone.

I have always been passionate about this and still am. I would like to thank all our colleagues for their hard work and great achievements. Leading the transformation has been so exciting but also very challenging. As the transformation approaches its final year, I believe it is right for someone else to lead the next phase of the ONE Kingfisher journey.

I will continue to give 100 per cent until the day I depart.”

Andy Cosslett, Chairman, added:

“Vero has been a powerful leader of the business and the driving force behind our plan to turn Kingfisher into a more unified and innovative business. This year will mark a transition in our transformation journey having now reached a critical mass. We are starting to see clear evidence emerging that we can create a powerful and differentiated home improvement experience for our customers which will convert to profitable growth going forward.”

Kingfisher is a retail company that operates in various countries in Europe. Its brands include B&Q, Castorama, Brico Dépôt and Screwfix.

Shares in Kingfisher (LON:KGF) are currently down -3.02% as of 13:02PM (GMT).