Boots confirms ex-Currys boss as new CEO

Health and beauty giant Boots has confirmed that former Currys CEO Alex Baldock will be taking over as its Chief Executive in autumn.

The news comes just one month after Boots reportedly started working with consultants on a strategy overhaul in preparation for a potential listing on the London stock market in 2027.

Until Baldock joins as CEO, Anthony Hemmerdinger, Senior Vice President and Managing Director of Boots UK, Ireland, Opticians and No7 Beauty Company, will continue to lead the business.

Former Boots CEO Ornella Barra stepped down from the role in January to become Chair.

In his former role as Chief Executive of European omnichannel technology retailer Currys, Baldock led a comprehensive transformation of the business, making improvements to colleague engagement, customer satisfaction and financial performance. Prior to his eight years at Currys, Alex served as CEO of The Very Group (formerly Shop Direct), where he led the business’s digital transformation, and as Managing Director of Lombard.

Boots and its parent company, Sycamore Partners, have reportedly been in conversation with consultants over the past few weeks about the possibility of a public listing, three sources familiar with the plans told Reuters.

The advisors have also been tasked with exploring growth initiatives across the beauty and wellness sectors.

Boots today operates over 1,800 stores across Britain, selling health and beauty products as well as pharmacy services.

Last August, Sycamore completed its $10 billion (£7.4 billion) deal to buy Walgreens Boots Alliance. Since then, it has split off the international parts of the US-based WBA to operate as The Boots Group.

Italian billionaire and WBA boss Stefano Pessina and his family retained a stake in Boots as part of the deal.

Boots was previously put up for sale with a price tag of £7 billion in January 2022. However, this was called off in June 2022 after the business failed to find a suitable buyer.

In 2023, rumours again circulated about a potential sale of Boots UK, following pressure from its US parent company to break up Walgreens Boots Alliance.

Boots traces its roots back to 1849, when John Boot opened his first store, and completed its mega-merger with Walgreens in 2014.

Baldock commented: “I’m honoured and delighted to be joining Boots as CEO. 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. I’m looking forward to working with the leadership team and our colleagues to make the most of the exceptional opportunity.”

The Boots Group Board of Directors added: “We would like to thank Anthony Hemmerdinger for his commitment and dedication to Boots. His leadership has been pivotal in establishing The Boots Group as a standalone private company and in reinforcing Boots’ leading position in beauty, health and wellness - demonstrated by 20 consecutive quarters of like-for-like retail share growth and customer satisfaction improvements.

“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.”