Carphone Warehouse has completed its planned acquisition of Best Buy’s 50% share of the CPW Europe business, bringing an end to the joint retail venture.
From next month’s AGM, Andrew Harrison is stepping up to become CEO of the Carphone Warehouse Group. He’d previously been CEO of CPW Europe. Roger Taylor, the current Group CEO, will become deputy chairman.
Roger Taylor said “The completion of our acquisition of Best Buy's 50% share of CPW Europe means that once again Carphone Warehouse's retail operation forms the core of the Group's business. It is logical, therefore, that Andrew Harrison, who has run this business for several years, should step up to become chief executive officer for the Group. Andrew has worked for Carphone Warehouse for over 17 years and has been an important part of many of our growth strategies including our Best Buy Mobile venture and Connected World strategy. I will move to become deputy chairman, maintaining many of my existing responsibilities, and welcome Andrew to his new role.”
Preliminary annual results for the year ended 31st March 2013 show CPW Europe revenue up 11.5% year-on-year to almost £3.7 billion. Net profit was up slightly from 2012 to £58.1 million.