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Kingfisher Urged to Spin Off Electrical Retail Arm.

The Evening Standard (London, England)

| November 14, 2001 | COPYRIGHT 2001 Evening Standard. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Joanne HART

Nov. 14--Shareholders are calling on Kingfisher to demerge its electrical retail arm, which includes the Comet chain.

Institutions hope the radical measure will be undertaken by incoming chairman Francis Mackay.

He is also expected to assess whether long-serving chief executive Sir Geoff Mulcahy, 59, should stay until the end of his three-year contract, awarded earlier this year.

"The strategy needs to change," said one big institution. "It is hard to know if Mulcahy should stay and oversee it or go. Mackay will have to make that judgment."

Another large shareholder said: "It is absolutely clear that this company cannot stay as it is and we are looking to Mackay to initiate change."

Kingfisher has had a tumultuous year, during which it demerged Woolworths, sold Superdrug and saw its shares underperform the retail sector by more than 20 percent.

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