Investors look to move on from Dixons CEO Seb James
According to Mark Kleinman of Sky News, several leading shareholders intend to push Dixons Carphone chairman, Lord Livingston of Parkhead into a sped up succession plan amid growing pressure on current chief executive, Seb James, in the wake of last week's unexpected profit warning that cut the company's value down just shy of a quarter.
Mr James, who took the role in 2012 said the downturn in trading was due to consumers holding on to existing handsets for longer, while the drop in the value of sterling after the Brexit decision forced costs up on new UK consumer devices.
According to one of Kleinman's sources, disgruntled investors felt Mr James had "taken his eye off the ball" and "lost control of the company" in recent months as he was rumoured to be named as new chief executive of ITV, a role which Carolyn McCall, boss of easyJet ended up landing.
Carphone Warehouse, which merged with Dixons Retail in 2014 has seen its shares lose almost half their value in the last 12 months.
Six members of Dixon's management, including James and chairman Tony DeNunzio, purchased over 200,000 shares in the group on Friday which lead to some confidence in the company's future, despite credibility in the retailer's directorial team not being what it once was.
As of 1620 BST, Dixons shares were down 0.75% to 180.80p.