Dixons Carphone shareholders want the retailer’s board to accelerate a search for the next chief executive following last week’s profit warning.
They intend to call on Dixons Carphone chairman Lord Livingston to speed up succession planning after the retailer’s market capitalisation was decimated in the wake of the update, Sky News reported.
The profit upset put pressure on Dixons Carphone chief executive Seb James who, along with his predecessor John Browett, is widely credited with reviving the fortunes of once embattled electricals group Dixons and leading its £3.8bn merger with Carphone Warehouse in 2014.
Dixons Carphone’s shares have more than halved in value over the past year. The retailer reported last week that profits would come in as much as 30% below expectations as shoppers held off upgrading their phones amid Brexit vote-induced inflation.
None of the investors calling for speedier leadership succession want James to go immediately, it is understood.
‘Eye off the ball’
However, one City source told Sky that James had “taken his eye off the ball”.
Another said he had “not taken the necessary tough decisions”.
James has previously been linked to roles such as chief executive of broadcaster ITV.
His allies said that last week’s profit warning was his “first big mistake” and one insider said the board “remains supportive of Seb and the team, and will be talking to shareholders over the coming weeks”.
The retailer declined to comment.