Currys has named its next CEO when Alex Baldock departs for Boots this autumn.
Baldock joined the electrical retailer in 2018 amid heavy debt and declining sales and turned around its fortunes, exiting Carphone Warehouse, selling its Greek operations and rebranding the group.
Set to leave for the health and beauty retailer on 31st August, he will be succeeded by Fredrik Tønnesen. The latter will become CEO on 3rd August 2026.
Tønnesen has served as chief executive of Currys’ Nordics business since March 2023, with responsibility for approximately 40% of group revenue. He has more than tripled operating profits.
He brings over 20 years of experience with the group, having started his career on the shop floor as a sales assistant and subsequently serving as managing director for Norway and Nordics COO.
“I am delighted to welcome Fredrik as our next group chief executive,” said Ian Dyson, chair. “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.”
Tønnesen said: “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.
“My job, with the full support of the leadership team and all my colleagues, is to keep this momentum going and find every way to accelerate it. I can’t wait to get started.”
Baldock added: “Fredrik is an outstanding leader, and I’m delighted to see him take the reins at Currys.
“His experience and track record speak for themselves, most recently in leading the Nordics’ recovery. I look forward to watching Currys go from strength to strength under his leadership.”
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