The chief of Kingfisher's B&Q chain in the UK left the company after nearly two decades with the home improvement retailer. The departure of Phillips was said to be part of the firm's restructuring efforts and that he left by mutual agreement, a company spokesman said in a statement.

Phillips first joined Kingfisher in 1994. In April 2011, he became the Chief Executive Officer of B&Q UK and Ireland. B&Q and Turkish Koctas Chief Executive Officer Kevin O'Byrne would be leading the British and Irish businesses starting today.

According to Bloomberg, B&Q has been plagued with weak consumer confidence in its domestic market. It also faces intense competition from discount stores and online bathroom retailers.

Kingfisher Chief Executive Officer Ian Cheshire would take over the China and Turkish businesses of the company. Chesire said in a statement, "Our customers and our market place continue to evolve very quickly and so now more than ever B&Q needs to redouble its efforts to ensure continued success. This move allows Kevin to focus fully with the team on the performance of B&Q and driving key initiatives to improve our customer offer."