Fredrik Tønnesen appointed Group Chief Executive
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We help everyone enjoy amazing technology
Fredrik Tønnesen appointed as Group Chief Executive Officer
The Board of Currys plc is pleased to announce the appointment of Fredrik Tønnesen as Group Chief Executive Officer, effective 3 August 2026.
Fredrik has served as Chief Executive of Currys' Nordics business since March 2023, with responsibility for approximately 40% of Group revenue. He brings over 20 years of experience with the Group, having started his career on the shop floor as a sales assistant and subsequently serving as Managing Director for Norway and Nordics Chief Operating Officer.
As Nordics Chief Executive Officer, Fredrik has delivered outstanding financial and operational performance, more than tripling operating profits while elevating colleague and customer satisfaction scores to world-class levels.
Fredrik's appointment follows a comprehensive search considering both internal and external candidates. Fredrik replaces Alex Baldock, who will step down from the Board on 3 August 2026 and will support the orderly transition of responsibilities to Fredrik until his departure on 31 August 2026.
Ian Dyson, Chair:
"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. He understands our customers, our colleagues and our culture from the inside, and brings the right combination of clarity, energy and leadership to take Currys forward, building on the strong foundations that Alex and the team have put in place."
Fredrik Tønnesen, incoming Group Chief Executive Officer:
"I'm incredibly proud to be leading Currys, a company that I joined 20 years ago on the shop floor and know extremely well. This is a great business comprising thousands of capable and committed colleagues, and it is hugely exciting to take on its leadership at a time of such strong momentum.
My job, with the full support of the leadership team and all my colleagues, is to keep this momentum going and find every way to accelerate it. I can't wait to get started."
Alex Baldock, outgoing Group Chief Executive Officer:
"Fredrik is an outstanding leader, and I'm delighted to see him take the reins at Currys. His experience and track record speak for themselves, most recently in leading the Nordics' recovery. I look forward to watching Currys go from strength to strength under his leadership."
Full Year Results
As reported on 19 May 2026, Group full year adjusted PBT is expected to be around £191m, and the Group finished the year with net cash of more than £170m. The Group is scheduled to publish its full results on 2 July 2026.
Remuneration
Details of Fredrik Tønnesen's remuneration as Group Chief Executive Officer will be set out in the 2025/26 Annual Report and will be in line with the Directors' Remuneration Policy approved by shareholders at the AGM in September 2025.
Alex Baldock's leaving arrangements will be in accordance with the Directors' Remuneration Policy and his service contract. Full details will be disclosed on the Group's corporate website in compliance with Section 430(2B) of the Companies Act 2006 and in the 2025/26 Annual Report.
No further information is required to be disclosed pursuant to Listing Rule 6.4.8R.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (together, "MAR"). The person responsible for making this notification is Nigel Paterson, General Counsel and Company Secretary.
For further enquiries
|
Dan Homan |
Investor Relations |
+44 (0)7401 400442 |
|
Carla Fabiano |
Investor Relations |
+44 (0)7460 944523 |
|
Tatiana Raikes |
Communications and External Affairs |
+44 (0)7885 155196 |
|
Tim Danaher |
Brunswick Group |
+44 (0)2074 045959 |
Further Information
Information on Currys plc is available at www.currysplc.com
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About Currys plc
Currys plc is a leading omnichannel retailer of technology products and services, operating online and through 708 stores in 6 countries. We Help Everyone Enjoy Amazing Technology, however they choose to shop with us.
In the UK & Ireland we trade as Currys and in the UK we operate our own mobile virtual network, iD Mobile. In the Nordics we trade under the Elkjøp brand. We're the market leader in all markets, able to serve all households and employing more than 24,000 capable and committed colleagues.
We believe in the power of technology to improve lives, helping people stay connected, productive, fit, healthy, and entertained. We're here to help everyone enjoy those benefits and with our scale and expertise, we are uniquely placed to do so.
Our full range of services and support makes it easy for our customers to discover, choose, afford and enjoy the right technology to the full. The Group's operations include one of Europe's largest technology repair facilities, a sourcing office in Hong Kong and an extensive distribution network, centred on Newark in the UK and Jönköping in Sweden, enabling fast and efficient delivery to stores and homes.
We're a leader in giving technology a longer life through repair, recycling and reuse. We're reducing our impact on the environment in our operations and our wider value chain and we aim to achieve net zero emissions by 2040. We offer customers products that help them save energy, reduce waste and save water, and we partner with charitable organisations to bring the benefits of amazing technology to those who might otherwise be excluded.
Certain statements made in this announcement are forward-looking. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward-looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Information contained on the Currys plc website or the X, formerly known as Twitter, feed does not form part of this announcement and should not be relied on as such.
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