Currys has promoted company veteran Fredrik Tonnesen to chief executive, replacing Alex Baldock as he prepares to take the top job at Boots.
Tonnesen, who currently leads Currys’ Nordics business, first joined the electricals retailer 20 years ago as a sales assistant.
He went on to become managing director for Norway, before taking on the role of chief operating officer for the Nordics and later chief executive of the division in 2023.
Currys said Tonnesen, whose division accounts for around 40 per cent of group revenue, had delivered “outstanding financial and operational performance”, more than tripling operating profits while improving colleague and customer satisfaction scores.
Currys chair Ian Dyson said: “Fredrik 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.”
Baldock announced in March that he would step down after eight years at Currys to lead Boots ahead of a potential £7bn London stock market flotation.
He joined Currys in 2018 from Shop Direct, now The Very Group, following the difficult merger of Dixons and Carphone Warehouse, which later rebranded as Currys.
During his tenure, Baldock sought to simplify the group, selling its Greek operations, cutting debt and pushing harder into online sales.
Since his appointment, online sales have grown from less than 10 per cent of turnover to more than 40 per cent, while Currys has cut debt by £900m and returned to profitable growth.
Berenberg described Tonnesen’s promotion as a “strong internal appointment”, adding that it was a “natural and positive development” given his two decades at the business.
Panmure Liberum analysts said the appointment signalled continuity for a strategy “set out and delivered by Alex Baldock”, while bringing Tonnesen’s “vast retail experience and perspective to the UK”.
Currys expects profit before tax for the year to come in at around £191m. The retailer is due to publish its full-year results on 2 July.
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