Currys chief executive to step down following eight years at the helm

The Currys board announced that it will start a “formal and thorough” recruitment process to find Baldock’s successor and will consider internal and external candidates.

Baldock will remain in the role in the meantime to continue overseeing and driving performance and to enable a “smooth and orderly transition”.

During his time at Currys, Baldock has led the business through an extensive omnichannel transformation, turned it from a loss-making to a profit-making business, and recently won Leader of the Year at the Retail Week Awards.

Baldock said: “My eight years at Currys have been simply the best of my career, and I’ll always be a loyal Currys customer, advocate, and shareholder.

“I’m immensely grateful to the thousands of amazing colleagues I’ve been privileged to work with, and proud of what that team is building, a world-class Currys for colleagues, customers, and shareholders.

“Currys’ next chapter can be its most exciting yet. But it’s time for someone else to steer the business there, and time for me to move on to a new opportunity.

“I’ll be here to ensure our progress doesn’t skip a beat and to ensure a smooth transition to my successor.”

Group chair Ian Dyson added: “On behalf of the board, I want to thank Alex for his exceptional contribution to Currys. During his eight years here, he has achieved a huge amount, transforming the business in the face of some difficult headwinds.

“Currys is very well positioned for future success with a strategy that is clearly working, great financial health, and a very strong leadership team. On behalf of everyone at Currys, I wish Alex all the best in his future endeavours.”

It is not known yet when Baldock is due to step down or where his next career move is.

Since its peak trading update on January 21, the group has traded in line with expectations. It expects group adjusted profit-before-tax to be between £180m-190m, an increase of 11-17% year-on-year.