Kingfisher chief executive Ian Cheshire has outlined the priorities that will characterise his leadership and also appointed a new chief executive for the UK.

He will increase focus through the creation of a more centralised group structure, headed by a retail board, set higher hurdle rates on investment and seek better returns from the group and component businesses.

Cheshire said Kingfisher had become too decentralised, that group control should add value and that he wanted “one team, one business, rather than a loose combination of opcos”.

The retail board will comprise three heads of geographic divisions – the UK, France and other international – and will oversee “group delivery of results” and driving priorities such as own-brand development, common purchasing and global sourcing.

The new UK chief is Euan Sutherland, head of AS Watson’s UK pharmacy businesses Superdrug and Savers.

Kingfisher posted group preliminary profits down 2.8 per cent to£386 million on sales up 8 per cent to£9.36 billion.

Broker JP Morgan said Cheshire’s presentation was “long on intent but light on details”. But ING argued it was “the beginning of meaningful strategic change”.

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