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Apple names European exec to head retail ops
NEW YORK (AP) - In its quest to spread its stores around the world, Apple is reaching over the Atlantic to snatch the CEO of a British electronics chain to head its retail operations.
Browett, 48, fills a job that opened when Ron Johnson left to become the CEO of J.C. Penney Co. in November. Johnson pioneered Apple’s highly successful retail stores, known for their stark design and their Genius Bar, where Apple customers get technology advice and support.
About two-thirds of Apple’s 361 stores are in the U.S. However, of the 40 stores Apple expects to open this fiscal year, three-quarters will be outside the U.S., with China being a major focus. Apple currently has stores in only 12 countries, including the U.S.
Browett has served as CEO of Dixons since 2007. During his tenure, the company continued an aggressive expansion in Europe. It has about 1,200 stores and is Europe’s second-largest electronics retailer, after Germany’s Media Markt.
Dixons‘ brands include Currys in the U.K., Elkjop in Norway, Kotsovolos in Greece, Unieuro in Italy and Electro World in Turkey and the Czech Republic.
The chain hasn’t seen much financial success during his tenure, however, as it has been undercut by the recession and subsequent belt-tightening in Europe.
Dixons‘ sales have risen only 8 percent in the past five years, and profits are down sharply. Its stock has lost more than 90 percent of its value in that time. It fell 7.6 percent further in London trading Tuesday after news of Browett’s departure.
Dixons named Sebastian James as Group CEO and Katie Bickerstaffe to the newly created role of CEO-U.K. and Ireland.
Apple’s stock rose 46 cents to $453.47 in midday trading Tuesday. The day’s high of $458.24 was yet another all-time high.
Apple’s stores accounted for about 13 percent of the Cupertino, Calif.-based company’s revenue in the fiscal year that ended in September, but employed about 60 percent of the total number of Apple workers.
Dixons has a very similar number of employees _ about 39,000 _ but has far more stores: 1,200.
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