Currys loses £141 million in market value as CEO Alex Baldock steps down
Shares in Currys plunged on Thursday after the tech retailer announced that long-serving chief executive Alex Baldock is stepping down after eight years in the role to pursue a new external opportunity.
The stock was trading down around 8.3% at 121p in morning trade, wiping approximately £141 million off the company’s market value, according to market data.
Baldock joined Currys (then Dixons Carphone) in February 2018 from online retailer Shop Direct. He inherited a business still grappling with the fallout from the troubled 2014 merger with Carphone Warehouse, which had led to store closures and job cuts under his predecessor.
During his eight-year leadership, Baldock oversaw a significant transformation of the omnichannel retailer. Key achievements included:
- Strengthening the balance sheet, moving from a net debt position to net cash.
- Driving growth in higher-margin services, including Currys’ iD Mobile virtual network and repair/recycling operations.
- Expanding recurring revenue streams and improving customer satisfaction metrics.
- Navigating challenging retail conditions, including post-pandemic demand shifts, inflation, and supply chain issues.
In his statement, Baldock described his time at the company as “simply the best of my career” and said he would remain “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,” he added. “Currys’ next chapter can be its most exciting yet. But it’s time for someone else to steer the business there.”
Group Chair Ian Dyson thanked Baldock for his “exceptional contribution,” noting that he had transformed 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,” Dyson said.
The board said it will launch a formal search for a successor, considering both internal and external candidates, and will provide further updates in due course. Baldock will stay in post to ensure a smooth transition.
