March 26 (Reuters) - British electricals retailer Currys on Thursday said its Chief Executive Alex Baldock intends to step down after eight years in the role to take a new external position. Baldock
Currys CEO to step down, shares sink on departure of turnaround architect
Alex Baldock's Tenure and Impact on Currys
CEO Departure and Immediate Market Reaction
March 26 (Reuters) - Currys said CEO Alex Baldock will step down, ending a tenure that delivered a turnaround in profit and margins for the British electricals retailer and sending shares 11% lower on Thursday.
Baldock’s Leadership and Turnaround Strategy
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.
Key Strategic Moves
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.
Analyst Reactions
"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.
Share Performance During Tenure
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.
Business Outlook After Baldock
Stronger Position and Analyst Comments
SIGNIFICANTLY STRONGER BUSINESS
"He leaves Currys a significantly stronger business than the one he inherited in 2018," analysts at Panmure Liberum said in a note.
Current Trading and Financial Forecast
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.
Market Challenges and Financial Guidance
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 180-190 million pounds ($253.61 million) for the year ending May 2026 and expects net cash position of more than 100 million pounds.
($1 = 0.7492 pounds)
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Sonia Cheema and Bernadette Baum)
