Currys CEO to step down, shares sink on departure of turnaround architect

Thu, 26th Mar 2026 09:09

* Baldock led Currys through pandemic, cost-of-living squeeze

* Maintains profit forecast, ⁠current trading in line with expectations

* Shares tumble more than 11% (Adds shares in paragraph 1, details on Baldock's tenure, analysts comments and current ‌trading throughout)

March 26 (Reuters) - Currys said CEO Alex Baldock will step down, ending a tenure ⁠that delivered a turnaround in profit and margins ⁠for the British electricals retailer and sending shares 11% lower on Thursday.

Baldock, appointed CEO in 2018 as the company grappled with heavy debt and declining sales, steered Currys through the pandemic and the ‌cost-of-living crisis.

His turnaround strategy included exiting the Carphone Warehouse business, selling its Greek operations, rebranding the group and restoring a net cash position while lifting margins.

"Baldock has led the most impressive UK retail turnaround of recent years, in our view, so today’s news is likely to be met with ‌some disappointment," Berenberg analysts said.

Still, shares have sunk 30% during his tenure, broadly in line with peer AO ‌World, against a challenging economic backdrop.

Baldock, who plans to move on, will remain during a transition period while the board seeks a successor.

SIGNIFICANTLY STRONGER BUSINESS

"He leaves Currys a significantly stronger business than the one he inherited in 2018," analysts at ‌Panmure Liberum said in a note.

Currys said trading remains in line with expectations, after it raised its profit forecast in January on strong Christmas sales of iPhones, ⁠coffee ⁠machines and children’s storytelling devices.

The robust performance contrasts with ‌a tougher UK retail backdrop marked by weakening consumer spending and inflation risks linked to the Middle East conflict.

It maintained its profit forecast of 180-190 million pounds ($253.61 ‌million) for the year ending May 2026 and expects net cash position of more than 100 million pounds.