Carphone says Andrew Harrison to be CEO from July

Wed Jun 26, 2013 3:04am EDT
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LONDON (Reuters) - Carphone Warehouse CPW.L, Europe's biggest independent mobile phone retailer, said Andrew Harrison would be promoted to chief executive next month as the firm met guidance for year earnings.

The group, which in April agreed to buy back Best Buy's (BBY.N: Quote) stake in its European joint venture for 471 million pounds ($726 million), said on Wednesday Harrison would take on the CEO role at the annual shareholders' meeting on July 24.

Current CEO Roger Taylor will switch to deputy chairman on the same date, maintaining many of his existing responsibilities.

Taylor said the Best Buy deal meant Carphone's retail operation formed 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," he said.

Carphone said headline earnings per share (EPS) were 12.3 pence in the year to March 31.

Though that was in line with company guidance of 11.5 pence to 13.0 pence it was down from 12.6 pence made in the 2011-12 year.

For the 2013-14 year, it guided to headline EPS of 17 pence to 20 pence.

Carphone also announced the formalization of its relationships with Media Markt/Saturn (MEOG.DE: Quote) and Metro Group in the Netherlands and Germany respectively.   Continued...

A sign is seen outside the Carphone Warehouse's store on Oxford Street in central London April 30, 2013. REUTERS/Andrew Winning