Currys has promoted Fredrik Tonnesen, currently head of its Nordics business, to the role of group chief executive, 20 years after he first joined the company as a shop assistant. He will take over from Alex Baldock in early August.
Tonnesen has led the turnaround of Currys' Nordics operation for the past three years. The move follows Baldock's announcement in March that he would step down after eight years at the helm. Baldock is set to become the next boss of Boots and will leave Currys on 3 August, supporting the transition until his formal exit on 31 August.
Baldock described his successor as an "outstanding leader". Last month, Currys reported stronger-than-expected profits, driven by "very strong" trading and accelerating sales growth in the Nordics.
Ian Dyson, chairman of Currys, said: "I am delighted to welcome Fredrik as our next group chief executive. He has huge experience inside the business and has led an extremely impressive operating performance improvement over the last three years."
Tonnesen commented: "I'm incredibly proud to be leading Currys, a company that I joined 20 years ago on the shop floor and know extremely well."
Russ Mould, investment director at AJ Bell, noted the muted market reaction, suggesting investors are taking a "wait-and-see" approach. Currys shares rose 1.6% on Wednesday morning.
