Russ Mould, investment director at AJ Bell, said: “Alex Baldock is seen as one of the retail sector’s greats, a top-class leader who has navigated tough conditions and emerged triumphant on the other side.
“There was always going to be big shoes to fill when he left Currys.
“The muted market reaction to his successor’s appointment isn’t necessarily a bad thing. The share price might have fallen if investors didn’t like the new person.
“Instead, we’ve got a situation where the market is taking a ‘wait and see’ approach for the new CEO to prove their worth.
“Fredrik Tonnesen is an internal hire and isn’t a known entity among UK investors. He ran the Nordics arm, helping to steer it back onto a solid path after a rocky journey.
“That success, together with more than 20 years of experience at Currys, means he should be able to hit the ground running when he takes over in August.
“Tonnesen will take charge of a business already in tip-top shape, but he won’t be putting his feet up on the desk.
“New CEOs always want to put their mark on the business so it will be interesting to see if that leads to a big acquisition or expanding into new areas.”
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