Currys has appointed the boss of its Nordics business to take over as its new chief executive.
Fredrik Tonnesen will take the top job at the electronics retailer from the start of August, having led the turnaround of the group’s Nordics operation.
The appointment comes after current chief Alex Baldock revealed his plan to step down from the firm in March, having led the company for eight years.
Baldock, who will become the next boss of Boots, will step down as chief executive on August 3rd and support the leadership transition until he formally leaves on August 31st.
The departing boss described his successor as an “outstanding leader”.
Tonnesen has been chief executive of Currys’ Nordics business for the past three years, overseeing a turnaround in performance.
Last month, Currys reported stronger-than-expected profits for the past year after “very strong” recent trading, buoyed by accelerating sales growth in the Nordics.
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.”
Tonnesen 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.”
Russ Mould, investment director at AJ Bell, said: “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% higher on Wednesday morning.
