Currys has appointed Fredrik Tønnesen as its new Nordics chief executive officer in a bid to help the division navigate a challenging market and tough consumer environment.
The leadership change is another step the electricals retailer is taking to restore the Nordics business to “healthy levels of profit and cash generation”, following a recent bout of tough trading.
Tønnesen has been promoted from chief operating officer and will replace Erik Sønsterud who is stepping down as Nordics chief executive with immediate effect.
Tønnesen joined Currys in 2006 and has experience in commercial and operations, and delivered a strong performance as managing director of Norway for four years. He will report to group chief executive Alex Baldock.
Since January, the Nordic business has driven margin improvements through working with suppliers, reduced head office and back-office headcount by 10-15%, and reduced marketing spend and promotional intensity – with further cost savings planned.
A strengthened UK and Ireland business offset by a weaker Nordics performance means Currys expects to deliver 2022/23 adjusted profit before tax of £104m, in the lower end of the previously guided range of £100m-£125m.
Currys group chief executive Alex Baldock said: “Our Nordics performance is not where we want or expect it to be. The intensity of competition may be unrelenting but we’re no stranger to tough markets and aggressive competitors wanting to knock us off our number-one position as the go-to destination for all things tech. We now need to go further and faster to improve our performance.
”I’m excited to appoint Fredrik. He’s an exceptional leader with an outstanding track record, including as managing director of Norway for four years of profitable growth and recently as Nordics chief operating officer, where he’s driven big improvements in cost efficiency and customer experience in a short time.
“As we move on, I’d like to take this opportunity to thank Erik Sønsterud for his dedicated leadership in challenging circumstances, as well as for his pivotal role in laying many foundations on which we can now build. I wish Erik every future success.”
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