Currys chief executive Alex Baldock has been appointed as the new head of Boots, the high street healthcare and beauty retailer, with the announcement fueling speculation about a potential multibillion-pound stock market listing. Baldock, who has also held senior roles at Shop Direct and Lombard, will succeed Anthony Hemmerdinger in the autumn.
The leadership change comes at a pivotal time for Boots, which was recently acquired by private equity firm Sycamore Partners from Walgreens Boots Alliance in a deal worth $10 billion (£7.4 billion). The acquisition established a new entity encompassing Boots UK and Ireland, Boots Opticians, No7 Beauty Company, and pharmacies in Thailand, Mexico, and Germany, all headquartered in the UK. Stefano Pessina and his family retained a shareholding in the business as part of the transaction.
Baldock announced his intention to leave Currys after eight years at the helm, citing a pursuit of a "new opportunity" outside the company. He follows in the footsteps of his predecessor at Currys (then Dixons Carphone), Sebastian James, who joined Boots in 2018 and left in 2024. Baldock expressed his honor at joining Boots, stating: "Boots is an iconic, trusted brand with a strong heritage and plays such an important role in millions of customers' lives. This is an exciting new chapter for Boots, which is uniquely well-positioned to meet customers' growing needs in beauty, health and wellness."
The Boots Group board of directors welcomed Baldock, saying: "As we look ahead, we are fully committed to continuing to offer an outstanding experience for all our communities and strongly believe in the opportunity for significant long-term growth at Boots. Alex is an experienced, transformational leader with a track record of success and we are delighted he will be joining us as we embark on our next phase of transformation, growth and investment."
Reports have emerged that Boots' owners are developing a strategic overhaul in preparation for a potential stock market listing, which could materialize as early as next year. Retail analysts estimate the business could be valued at between £5 billion and £7 billion. Baldock's appointment is seen as a key move to drive the company's next phase of growth and transformation.
