REG - Currys PLC - Fredrik Tønnesen appointed Group Chief Executive

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RNS Number : 7315G  Currys PLC  03 June 2026

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
(http://www.currysplc.com)
Follow us on X, formerly known as Twitter: @currysplc

 

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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