Currys has appointed Fredrik Tonnesen, the boss of its Nordics business, as its new chief executive—two decades after he first joined the company as a shop assistant. Tonnesen will take the top job at the electronics retailer from early August, having led a successful turnaround of the Nordics operation.
Leadership Transition
The appointment follows current chief Alex Baldock’s announcement in March that he would step down after eight years. Baldock, who is set to become the next boss of Boots, will depart as chief executive on 3 August. He will support the leadership transition until his formal exit on 31 August.
Baldock described his successor as an “outstanding leader.” Tonnesen has led Currys’ Nordics business for three years, overseeing its turnaround. Last month, Currys reported stronger-than-expected profits, buoyed by “very strong” recent trading and accelerating sales growth in the Nordics.
Chairman's Endorsement
Ian Dyson, chairman of Currys, said: “I am delighted to welcome Fredrik as our next group chief executive. He has huge experience inside the business and has led an extremely impressive operating performance improvement over the last three years. He understands our customers, our colleagues and our culture from the inside, and brings the right combination of clarity, energy and leadership to take Currys forward, building on the strong foundations that Alex and the team have put in place.”
New CEO's Vision
Tonnesen commented: “I’m incredibly proud to be leading Currys, a company that I joined 20 years ago on the shop floor and know extremely well. This is a great business comprising thousands of capable and committed colleagues, and it is hugely exciting to take on its leadership at a time of such strong momentum.”
Market Reaction
Russ Mould, investment director at AJ Bell, noted: “The muted market reaction to his successor’s appointment isn’t necessarily a bad thing. The share price might have fallen if investors didn’t like the new person. Instead, we’ve got a situation where the market is taking a ‘wait-and-see’ approach for the new CEO to prove their worth.” Currys shares were 1.6 per cent higher on Wednesday morning.
