Currys Plc CEO Alex Baldock is stepping down after eight years leading the electricals retailer through a major turnaround. The executive, who joined in 2018, will leave to take an undisclosed external position while the board begins recruiting his replacement. Baldock will remain in his role during the transition period.

Baldock inherited a company struggling after the 2014 merger between Dixons and Carphone Warehouse, which caused hundreds of millions in losses and forced store closures. Under his leadership, Currys refocused as a pure electronics retailer with reduced dependence on mobile phone sales. The company is now projecting up to £190 million ($254 million) in adjusted profit before tax for this fiscal year.

Shareholders have rewarded the turnaround, with Currys stock up 47% over the past year. Analyst Wayne Brown praised Baldock for steering the company through both the Covid crisis and cost-of-living challenges, strengthening its resilience and market position. The retailer has reduced its pension deficit, moved from net debt to net cash, and restored margins to pre-Covid levels despite tough macroeconomic conditions.