Currys taps head of Nordics division Fredrik Tonnesen as next CEO

(Alliance News) - Currys PLC on Wednesday said it has appointed Fredrik Tonnesen as its next chief executive.

Tonnesen started his career at the London-based electronics retailer as a sales assistant more than two decades ago, Currys said. He rose to managing director for Norway and Nordics chief operating officer before becoming chief executive of the Nordics division in 2023.

"Fredrik has delivered outstanding financial and operational performance, more than tripling operating profits while elevating colleague and customer satisfaction scores to world-class levels," Currys noted on Wednesday.

The company said it had selected Tonnesen from a pool of both internal and external candidates.

Outgoing Chief Executive Alex Baldock will step down from the board on August 3, when Tonnesen's appointment takes effect. Baldock will provide support through the transition period before leaving the company at the end of August.

The company in March had disclosed Baldock's plan to step down as CEO. In May, Sky News reported that Baldock is expected to become the next CEO of pharmacy chain Boots, which is eyeing a London listing, though details of the potential flotation are unconfirmed.

Boots' parent company, Walgreens Boots Alliance Inc, was previously listed in New York before its acquisition by Sycamore Partners in 2025.

Baldock said of his successor: "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."

Chair Ian Dyson commented on Tonnesen: "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 his role "is to keep this momentum going and find every way to accelerate it".

Last month, Currys raised full-year profit guidance on the back of market share gains, and said it had not been hit by the Middle East crisis.

The FTSE 250 listing is eyeing adjusted pretax profit growth of 18% to GBP191 million for the financial year ended May 2, ahead of its previously guided range of GBP180 million to GBP190 million. In the financial year to May 3, 2025, Currys posted adjusted pretax profit of GBP162 million.

"Recent trading has been very solid; we've not yet seen an impact from the Middle East conflict, and our energy costs are well hedged for the coming year," Baldock said in May.

Currys shares rose 1.6% to 149.40 pence on Wednesday morning in London.

By Holly Munks, Alliance News reporter

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