Alex Baldock joined Currys in 2018 after six years as group chief executive of Shop Direct. During his tenure, he was outspoken in his criticism of the Government's tax hikes and changes to the Employment Rights Act. Currys' chair Ian Dyson thanked Baldock for an exceptional contribution, stating he had transformed the business in the face of some difficult headwinds.
House broker Panmure Liberum said Baldock was stepping down after leaving Currys a significantly stronger business than the one he inherited in 2018, overseeing the exit of Carphone Warehouse, the sale of Greece operations, and the successful transition to a fully omnichannel model. Currys will start a formal recruitment process for Baldock's successor, and he will remain with the retailer during the transition period. The company said trading since its update on 21 January had been in line with expectations of an 11 to 17% increase in adjusted pre-tax profit to £180 million and £190 million.
Exceptional contribution, stating he had transformed the business 'in the face of some difficult headwinds.'
Net cash for the 12 months to 2 May is forecast to be above Currys' £100 million target. The specific date for Baldock's official departure and the potential candidates to succeed him have not been announced, leaving questions about the impact on Currys' future strategy and the detailed timeline for the recruitment process.