Currys CEO to step down, shares sink on departure of turnaround architect
Currys said its CEO Alex Baldock will step down, ending a tenure that delivered a turnaround in profit and margins for the electricals retailer and sending its shares 11% lower today.
Baldock, appointed CEO in 2018 as the company grappled with heavy debt and declining sales, steered Currys through the pandemic and the cost-of-living crisis.
His turnaround strategy included exiting the Carphone Warehouse business, selling its Greek operations, rebranding the group and restoring a net cash position while lifting margins.
"Baldock has led the most impressive UK retail turnaround of recent years, in our view, so today's news is likely to be met with some disappointment," Berenberg analysts said.
Still, shares have sunk 30% during his tenure, broadly in line with peer AO World, against a challenging economic backdrop.
Baldock, who plans to move on, will remain during a transition period while the board seeks a successor.
"He leaves Currys a significantly stronger business than the one he inherited in 2018," analysts at Panmure Liberum said in a note.
Currys said trading remains in line with expectations, after it raised its profit forecast in January on strong Christmas sales of iPhones, coffee machines and children’s storytelling devices.
The robust performance contrasts with a tougher UK retail backdrop marked by weakening consumer spending and inflation risks linked to the Middle East conflict.
It maintained its profit forecast of £180-190m for the year ending May 2026 and expects net cash position of more than £100m.
