Currys shares fall as CEO Alex Baldock to leave after eight-year run

Shares in Currys PLC fell sharply on Thursday after it said Chief Executive Alex Baldock will step down after eight years at the helm.

The London-based electrical and telecommunications retailer said Baldock is leaving to take a ‘new external position’.

A ‘formal and thorough’ recruitment process for Baldock’s successor has begun, Currys said. This will consider both internal and external candidates.

During this time, Baldock ‘will remain in role, continuing to drive business performance and ensuring a smooth and orderly transition,’ it added.

Chair Ian Dyson thanked Baldock, noting ‘he has achieved a huge amount, transforming the business in the face of some difficult headwinds’.

For his part, Baldock said the eight years at Currys ‘have been simply the best of my career’.

‘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,’ he added.

Shares fell on the news, with Currys down 8.9% at 120.20 pence each in London on Thursday morning, the biggest faller in the FTSE 250, which was down 1.4%. However, Currys shares remain up 34% over the past year.

Currys said it continues to trade in line with expectations and expects adjusted pretax profit of £180 million to £190 million, up 11% to 17% from £162 million in financial 2025.

The company’s financial year runs to May 2, when it expects net cash to be above the £100 million target, unchanged from January’s trading statement.

Currys will publish a full year trading update on May 19.

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