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Carphone Warehouse chairman Charles Dunstone to take more hands-on role Carphone Warehouse chairman Charles Dunstone to take more hands-on role
(3 months later)
Carphone Warehouse chairman Sir Charles Dunstone will take a more hands-on role in the business he founded in 1989, following chief executive Roger Taylor's decision to step down after collecting rewards worth over £30m last year.Carphone Warehouse chairman Sir Charles Dunstone will take a more hands-on role in the business he founded in 1989, following chief executive Roger Taylor's decision to step down after collecting rewards worth over £30m last year.
Taylor, who has been chief executive for three years, will become deputy chairman and be replaced by Andrew Harrison, currently head of Carphone's retail operations.Taylor, who has been chief executive for three years, will become deputy chairman and be replaced by Andrew Harrison, currently head of Carphone's retail operations.
"We've got Charles more on the pitch on the back of the acquisition," Taylor said on Wednesday. "Clearly he was a bit more removed from the business in the days of the joint venture.""We've got Charles more on the pitch on the back of the acquisition," Taylor said on Wednesday. "Clearly he was a bit more removed from the business in the days of the joint venture."
Harrison, whose head for figures has earned him the nickname Stat, will take over after the annual shareholder meeting on 24 July. He currently runs Carphone's 2,300 stores, which operate under the Carphone brand in the UK and Ireland and as Phone House on the continent.Harrison, whose head for figures has earned him the nickname Stat, will take over after the annual shareholder meeting on 24 July. He currently runs Carphone's 2,300 stores, which operate under the Carphone brand in the UK and Ireland and as Phone House on the continent.
Taylor oversaw the demerger of Carphone's telecoms arm, TalkTalk, and the sale of its successful joint venture in America with US retailer Best Buy. Having joined Carphone just before its July 2000 stock market debut, he became one of the highest earners on the London stock exchange last year after receiving cash and shares worth an estimated £34m.Taylor oversaw the demerger of Carphone's telecoms arm, TalkTalk, and the sale of its successful joint venture in America with US retailer Best Buy. Having joined Carphone just before its July 2000 stock market debut, he became one of the highest earners on the London stock exchange last year after receiving cash and shares worth an estimated £34m.
In April, Best Buy agreed to surrender its half share in Carphone Warehouse Europe, the division housing the company's retail operations that was set up as a joint venture five years ago. The end of the partnership brought rich rewards for Dunstone, who still owns 26% of Carphone. The stake was sold to Best Buy in 2008 for £1.1bn and bought back for just £471m.In April, Best Buy agreed to surrender its half share in Carphone Warehouse Europe, the division housing the company's retail operations that was set up as a joint venture five years ago. The end of the partnership brought rich rewards for Dunstone, who still owns 26% of Carphone. The stake was sold to Best Buy in 2008 for £1.1bn and bought back for just £471m.
The deal pacified shareholders after the high profile flop that was Carphone's attempt to import the Best Buy format to the UK. The 11 big box electronics stores never turned a profit and were closed in 2011.The deal pacified shareholders after the high profile flop that was Carphone's attempt to import the Best Buy format to the UK. The 11 big box electronics stores never turned a profit and were closed in 2011.
"Once again Carphone Warehouse's retail operation forms the core of the group's business," said Taylor. "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.""Once again Carphone Warehouse's retail operation forms the core of the group's business," said Taylor. "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."
Harrison joined the group 17 years ago when Carphone had just a handful of stores and was run from a basement on London's Marylebone Road, helping with the company accounts.Harrison joined the group 17 years ago when Carphone had just a handful of stores and was run from a basement on London's Marylebone Road, helping with the company accounts.
His promotion came as Carphone reported an 11.5% increase in revenues to £3.96bn, driven by growth in its dealer business and "strong" growth in retail and online channels. The company said the arrival of 4G services in the UK later this year, as Vodafone, O2 and 3 launch their own flavours of the faster mobile internet technology already being pioneered by Everything Everywhere, would lift sales.His promotion came as Carphone reported an 11.5% increase in revenues to £3.96bn, driven by growth in its dealer business and "strong" growth in retail and online channels. The company said the arrival of 4G services in the UK later this year, as Vodafone, O2 and 3 launch their own flavours of the faster mobile internet technology already being pioneered by Everything Everywhere, would lift sales.
"The more widespread development and promotion of 4G services may provide a stimulus to the handset replacement cycle and an opportunity for network operators to develop pricing structures to reflect higher quality services," according to Carphone's full-year results statement published on Wednesday."The more widespread development and promotion of 4G services may provide a stimulus to the handset replacement cycle and an opportunity for network operators to develop pricing structures to reflect higher quality services," according to Carphone's full-year results statement published on Wednesday.
Once Best Buy's share of the retail operations is handed back, Carphone expects underlying earnings to rise from £137m this year to between £140m and £160m in the financial year to March 2014.Once Best Buy's share of the retail operations is handed back, Carphone expects underlying earnings to rise from £137m this year to between £140m and £160m in the financial year to March 2014.
"The transformational deal to buy out Best Buy's 50% stake in the core business for just £471m pounds will deliver astonishing earnings per share accretion this year," said independent retail analyst Nick Bubb."The transformational deal to buy out Best Buy's 50% stake in the core business for just £471m pounds will deliver astonishing earnings per share accretion this year," said independent retail analyst Nick Bubb.
Carphone also said it was formalising relationships with retailers Media Markt/Saturn in the Netherlands – the two have been trialling stores and plan to move to a full commercial deal. In Germany, Carphone plans to open concessions within larger stores with Metro Group.Carphone also said it was formalising relationships with retailers Media Markt/Saturn in the Netherlands – the two have been trialling stores and plan to move to a full commercial deal. In Germany, Carphone plans to open concessions within larger stores with Metro Group.
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