Argos, the catalogues retailer owned by Home Retail, has hired a relatively unknown American as its new managing director, as it seeks to revive its falling profits and sales.
John Walden was most recently the chief executive of Activeion Clean Technologies, the maker of renewable technologies, and has plenty of retail experience from his time at online grocer Peapod, electricals giant Best Buy and department store chain Sears.
Home Retail, which also owns the DIY chain Homebase, has hired Walden, 52, with one eye on potential long-term successors to Terry Duddy, the group's chief executive since October 2006.
Walden replaces Sara Weller, who left last year on health grounds.
The new boss of Argos faces an uphill battle to turn around the fortunes of the 759-store chain, which has suffered at the hands of the big supermarkets' expansion into non-food and crystal-clear price transparency on the internet.
Like-for-like sales at Argos slumped by 8.8% over the 18 weeks to 31 December. Tumbling sales and lower margins at Argos are key reasons why Home Retail expects its profits to be around the mid-point of £78 million and £125 million for the year to 25 February, substantially less than half the £254 million delivered in 2010-11.
Duddy said: "We look forward to John bringing a valuable, fresh perspective to the future development of Argos."
Walden was placed by headhunter Sue Shipley, who recently moved from Odgers Berndtson to The Miles Partnership.
