AO World founder John Roberts has stepped down as CEO – here’s who’s replacing him
John Roberts, the founder of British online electrical retailer AO World, has stepped down as chief executive but will remain on the board.
Steve Caunce, the retailer's chief operating officer, will replace Roberts as CEO.
Earlier this week, Morgan Stanley downgraded AO World saying its overall growth in the UK will be weak over the next few years.
In a note, Morgan Stanley said: “In the context of a more cautious macro outlook, a relatively weaker brand and strong competition, we do not see any reason why growth should meaningfully pick up.”
Last month, AO World reported increased sales in the UK as its European revenue rose.
Read more: AO World share price down as economic storm looms over increased revenues
Overall UK revenue increased 8.9 per cent, thanks to legacy logistics and website operations for third-party brands.
John Roberts, AO founder, said: “I am as committed as ever to AO, both as an executive and as an investor, and remain hugely excited about the future of this fast-growing business. Against the backdrop of our rapidly changing marketplace, my role will be to ensure that AO is even better placed to deliver for our customers and to be one of the most exciting places to work."
Steve Caunce, AO Chief Executive Officer, said: “I am looking forward to leading AO as its CEO. AO is an exceptional business and as CEO, working as closely as ever with John and with the whole team, I am focused on our mission to become the best electrical retailer in Europe. We will continue to do things the ‘AO Way’ – building our brand by offering consumers the very best customer experience, based on great choice, price and service."