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Darty appoints new chief executive

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(Globalpost/GlobalPost)

British electrical goods retail group Darty on Friday named Frenchman Regis Schultz, boss of French retailer BUT, as its new boss amid challenging times for the company.

"Darty plc today announces the appointment of Regis Schultz as its new chief executive from 1 May 2013," said a statement from Darty, which was formerly known as Kesa Electricals.

Schultz, 44, has been chief executive of BUT since 2008 and prior to this he held a number of senior positions at London-listed Kingfisher, which is Europe's biggest home improvements chain.

The group added that Darty France managing director Bruno Cremel would step down at the end of May, following a handover process with Schultz.

"I am delighted to welcome Regis to Darty as our new chief executive," said Chairman Alan Parker in the statement.

"He brings with him both a passion for, and extensive experience in, European retailing.

"The board and I look forward to working with him on our plans -- 'Nouvelle Confiance' -- to restore shareholder value by eliminating losses at our non-core businesses, increasing profitability in our core businesses from our market leadership and developing future growth initiatives, and by improving efficiencies in the cost base."

Schultz added: "Darty is one of Europe's leading retailers and I am very pleased to be given the opportunity to lead the group at this important time."

Last month, Darty had revealed that net losses were slashed in the first half of its financial year, but signalled more possible disposals as conditions deteriorated.

The company, fresh from selling its Italian business in November, had also revealed that it was now examining options for struggling divisions in Spain, the Czech Republic and Slovakia.

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http://www.globalpost.com/dispatch/news/afp/130201/darty-appoints-new-chief-executive