Boots is set to appoint the outgoing chief executive of Currys as its new boss to lead it through a potential £7billion London listing.
Alex Baldock will be named chief executive of the British chemist later this spring, according to a report by Sky News.
It comes just two months after Currys announced Baldock’s departure from the electronics retailer after eight years.
The role at Boots Group – which was spun off from its former US owner last year – would see Baldock take on responsibility for its stores in the UK, Ireland and Thailand, Boots Opticians, and the No7 beauty company.
These divisions have been overseen by Boots’ current UK and Ireland managing director, Anthony Hemmerdinger, since a shake-up in January saw long-time chief executive Ornella Barra step back.
Speculation over the appointment may boost hopes that Boots could list on the London stock market.
Buyout group Sycamore Partners broke up Boots’ former owner Walgreens Boots Alliance in August following its £7.4billion takeover of the US group – which created the Boots Group.
For several years, the City has hoped that Boots – which has around 1,800 shops in the UK – could list in London.
And news that Baldock is taking the reins could bolster such hopes, even as companies delay listings in the near-term due to the uncertainty caused by the war in the Middle East.
Industry experts believe that Boots could be valued at between £5billion and £7billion, as it cashes in on strong beauty sales.
It would not be the first time that the chemist has poached a boss from the electronics retailer. Before taking on the job of running Boots UK in January 2018, Hemmerdinger’s predecessor Sebastian James was the chief executive of Dixons Carphone, which was rebranded to Currys in 2021.
Currys said in March that it would ‘commence a formal and thorough recruitment process for Alex’s successor, considering both internal and external candidates, and will provide an update in due course.’
It did not provide any further detail on when Baldock was expected to leave the retailer.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Freetrade
Freetrade
Investing Isa now free on basic plan
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.