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Currys names new head of Nordics region following challenging trading

 Currys has promoted Fredrik Tønnesen to the position of chief executive of its Nordics region He will succeed Erik Sønsterud who is stepping down with immediate… View Article

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Currys names new head of Nordics region following challenging trading

 Currys has promoted Fredrik Tønnesen to the position of chief executive of its Nordics region

He will succeed Erik Sønsterud who is stepping down with immediate effect.

Tønnesen was previously chief operating officer for the region. In his new role, he will join Currys Group executive committee and report to group chief executive Alex Baldock.   

In a statement, Currys said trading in the region has been very challenging due to a tough consumer environment, high cost inflation and “unrelenting competitive intensity”. The leadership change is one several actions the group is taking to restore the Nordics business to its previously healthy levels of profit and cash generation.

Alex Baldock, Currys Group chief executive, 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 #1 position as the go-to destination for all things tech. We now need to go further and faster to improve our performance.”

As a continued strengthening of Currys’ UK and Ireland business has been offset by the weaker Nordics performance, the group expects to deliver a full year adjusted pre-tax profit of £104 million, which is at the lower end of the previously guided range of £100 million to £125 million.

Baldock said: “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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