Electrical retailer Darty chief executive to quit

Darty, the retailer formerly known as Kesa Electricals, said on Thursday that its chief executive Thierry Falque-Pierrotin had decided to leave the company following a shake up of the group's structure. "Darty plc today announces that its chief executive Thierry Falque-Pierrotin will leave the company by mutual agreement on completion of the review of the group, its markets and operations in December 2012," a statement said. "The board is undertaking a search for his successor and will make an announcement in due course." Kesa announced in June that it would rename itself Darty to reflect its key brand -- the Darty electrical stores in France. Kesa agreed in 2011 to sell its loss-making British arm Comet for a nominal fee to private investment firm OpCapita. "Whilst we still have much work to do, we have made good progress with the review of the group, its markets and operations launched over the summer," Darty chairman Alan Parker added in Thursday's statement. "We have already identified opportunities to both increase earnings and further rationalise costs across the group. "In the light of the changing shape and focus of the business, the board and Thierry have agreed that on completion of the review, which he is part of, it is the right time to hand over to a new person," Parker added. Darty also announced Thursday that group revenues rose 1.0 percent during its first quarter that ended on July 31. "Markets have remained challenging," said Falque-Pierrotin, who steps down as chief executive after four years at the helm. "We continue to reinforce our price positioning and improve store and back office efficiency so that we are well prepared for the more significant trading periods ahead," he added.