Kingfisher names new CEO

European home improvement retailer Kingfisher has found a new CEO in Veronique Laury, formerly the head of the company's French unit, Castorama.

Laury will fill the shoes of Ian Cheshire, who served as chief executive for nearly seven years and is stepping down by the end of 2014. She will also become the fifth female CEO in Britain's FTSE 100 index of blue chip companies.

"This decision, reached during the regular succession discussions between the board and (Cheshire) recognises that the next phase of Kingfisher's evolution requires a significant leadership commitment and continuity," said the firm.

Laury, who is currently a member of the group executive committee, will also join the Kingfisher board before stepping into her new role. Initiatives for the company expcected under her watch include the development of its IT systems and expansion of Screwfix and Brico Dépôt. She has been with the company for 11 years.