31st Jan 2019 09:36
LONDON (Alliance News) - Electrical retailer AO World PLC on Thursday said Chief Executive Steve Caunce has departed the firm with immediate effect.
Caunce will stay on on a part-time basis as an advisor to the board.
Founder John Roberts has been reappointed CEO. He served as CEO until 2017, when he decided to focus on development and innovation.
Chair Geoff Cooper said: "Steve has significantly professionalised and upgraded our business and operating capabilities. He has established and strengthened management teams in the UK and continental Europe, who are both getting on with execution of our strategy.
"As chairman I have been impressed with his work as CEO; he has made a fundamental contribution over 13 years both in building AO into the business it is today and in setting out our commitment to delivering for shareholders going forward."
Shares were down 0.6% on Thursday at a price of 124.00 pence each.
Earlier this month, AO World kept its annual expectations unchanged after saying it experienced good sales growth over its third quarter which included Black Friday and Christmas.
For the three months to the end of December, the online electrical retailer posted revenue growth of 8.2% on the same period a year ago. November was AO World's "highest sales month ever" as customers reacted positively to the firm's Black Friday offers, the company said.
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