‘Big hitter’ Baldock readies Boots makeover

cityam

Aug 31

Alex Baldock will takeover as CEO of Boots this week As workers across the City return to their desks after the summer holidays, one executive is starting somewhere new. Alex Baldock, the former boss ...

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Alex Baldock, the former boss ...</p>\n\n<a href=\"https://www.cityam.com/big-hitter-baldock-readies-boots-makeover/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IPO","symbol_name":"Renaissance IPO ETF","start_time":0,"source_url":"https://www.cityam.com/big-hitter-baldock-readies-boots-makeover/","article_id":"2663077067","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2025/03/GettyImages-453247390-e1741333662872.jpg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/big-hitter-baldock-readies-boots-makeover/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2663077067","pubTimestamp":1788173313,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Alex Baldock will takeover as CEO of Boots this week As workers across the City return to their desks after the summer holidays, one executive is starting somewhere new. Alex Baldock, the former boss of Currys, will take his place as chief executive of health and beauty retailer Boots on Tuesday, City AM understands.The group, one of the UK’s biggest and best-known retailers, has won the signature of one of the City’s buzziest bosses. Baldock began his career as a management consultant before joining Barclays as a corporate director and later leading online retailer Very for six years, ahead of his stint as chief executive of Currys.As Boots prepares to welcome Baldock, the company has a big decision to make. The group’s owner, US private equity firm Sycamore Partners, has been weighing an initial public offering  or another private sale, both of which could value the retailer at more than 7bn.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IPO":"Renaissance IPO ETF"},"translate_title":"“大击球手”鲍尔多克准备进行靴子改造","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IPO":1},"content_text":"Alex Baldock will takeover as CEO of Boots this week As workers across the City return to their desks after the summer holidays, one executive is starting somewhere new. Alex Baldock, the former boss of Currys, will take his place as chief executive of health and beauty retailer Boots on Tuesday, City AM understands.The group, one of the UK’s biggest and best-known retailers, has won the signature of one of the City’s buzziest bosses. Baldock began his career as a management consultant before joining Barclays as a corporate director and later leading online retailer Very for six years, ahead of his stint as chief executive of Currys.As Boots prepares to welcome Baldock, the company has a big decision to make. The group’s owner, US private equity firm Sycamore Partners, has been weighing an initial public offering (IPO) or another private sale, both of which could value the retailer at more than £7bn.\n\nBoots had been in sales talks with the Weston family, the billionaire owners of FTSE 100-listed Associated British Foods, and Australian pharmaceutical group Sigma Healthcare. Sigma quit these discussions in June, fuelling speculation that a return to London’s public markets could be the more likely future for Boots.Alex Baldock was credited with a turnaround of CurrysThe retailer had been listed in London until its £11.1bn sale in 2007, when it became the first-ever FTSE 100 firm to quit the market in a private equity takeover.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhether Boots ends up opting for a public float or a private sale, Baldock’s brief will be “about accelerating growth, improving productivity and positioning Boots strongly for whatever lies ahead,” independent retail analyst Catherine Shuttleworth told City AM.\n\nBaldock won plaudits for his successful turnaround of Currys, where he slashed the group’s store footprint, strengthened cash generation and improved profitability. The FTSE 250 firm’s share price was in retreat when Baldock was appointed as chief executive in February 2018, having shed nearly 60 per cent of its value since the stock’s highpoint at the start of 2016. But Currys’ share price has gained more than 32 per cent to 150p in the past year and the firm grew its profit by a fifth to £153m in the year to May. \n\n“Currys is trending in the right direction on every dimension that matters,” Baldock said in his last update to shareholders. “I’ll be a loyal Currys customer, advocate and shareholder all my life, and will be cheering on Fredrik [Tonnesen] and his world class team.”\nBaldock is admired in the City for his knack for communicating a clear strategy to investors and to his colleagues, Shuttleworth said. “[He] has a track record in taking big, established retailers and making them sharper, more modern and more commercially focused.”When Baldock joined Currys, the electrical retailer was suffering from a struggling mobile business, a lack of high-margin services and a “bloated” logistics network, said Panmure Liberum analyst Wayne Brown. \n\n“It was a business that needed a lot of love and it needed a central ethos and focus. And [that’s] what Alex Baldock is very good at doing.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}