In a dramatic corporate shift, John Roberts, the visionary founder and public face of online electrical giant AO World, has stepped down from his role as Chief Executive Officer with immediate effect.
The Bolton-based retailer announced the surprise leadership change alongside its full-year financial results, which revealed a remarkable turnaround from a £12m loss last year to a pre-tax profit of £8m. The company also reported a 9% decline in revenue to £1.04bn.
Roberts, who famously founded AO with a £1 bet in a Bolton pub over 20 years ago, will remain connected to the company as a non-executive director and retain his significant shareholding. He will be succeeded by the company's current chief financial officer, Mark Higgins, on an interim basis while a permanent replacement is sought.
In a statement, Roberts expressed pride in the company's journey: "From a bet in a Bolton pub to a FTSE-listed business, it's been the privilege of my life to grow AO and help it to become a much-loved, trusted brand and the UK's number one electrical retailer."
The company chairman, Ian Gray, paid tribute to Roberts' monumental contribution: "On behalf of the board, I would like to thank John for his extraordinary vision, passion, and energy. He created a great business and a fantastic brand from a standing start and then successfully navigated it through the many challenges of the pandemic and the subsequent economic headwinds."
The leadership transition marks the end of an era for the retailer, which became a household name during the pandemic as demand for home appliances and electronics surged. The board has initiated a formal process to find a permanent CEO to lead the company into its next chapter.
