Richard Baker (British businessman, born 1962)

Richard Baker
Born (1962-08-06) 6 August 1962
NationalityBritish
Alma materDowning College, Cambridge
OccupationBusinessman

Richard Baker (born 6 August 1962) was CEO of Boots Group from 2003 to 2007. He has since served on a number of executive boards and launched private equity firm BD-Capital.[1]

Early life and education

Baker graduated from Downing College, Cambridge.

Career

Baker worked at Mars Confectionery for nearly 10 years, working his way up to sales and marketing director.[2][3] He joined Asda Stores Ltd in 1995,[4] where he worked for nine years, becoming Marketing Director in 1999,[5] and ultimately chief operating officer in 2002, following their acquisition by Walmart.[6]

In September 2003, Baker joined Boots Group as chief executive officer.[7] The company had been reporting losses following its ill-advised move into its 'Wellbeing' services.[8][9] Despite implementing a number of cost-cutting measures and extending opening hours, the company continued to struggle until October 2005 it announced it was to merge with competitor Alliance Unichem.[10] The announcement met with widespread opposition, but the merger was cleared by the OFT in February 2006 and completed in July that year.[11][12] Baker became chief executive officer of the new Alliance Boots GmbH.[13]

In April 2007, after publishing annual results that showed a profit increase of 7.4%, Alliance Boots was sold to private equity firm KKR for £11.1 billion; the highest price ever paid by a private equity company for a British public company.[14][15] Baker left the company on completion of the transaction.[16]

From 2008 to 2014, Baker served as non-executive chairman of Virgin Active.[17] From 2009 to 2017, he served as chairman of the European Division of Groupe Aeroplan.[18][19] From 2010 to 2018, he served as chairman of DFS.[20] From 2014 to 2018, he served as non-executive director of Whitbread.[21][22]

In June 2019, Baker launched his own private equity firm, BD-Capital.[1]

References

  1. ^ a b Walsh, Dominic (13 June 2019). "Richard Baker puts his dough in private equity". The Times. ISSN 0140-0460. Retrieved 13 June 2019.
  2. ^ Ryle, Sarah (4 May 2003), "How the Martians took over UK retail", The Observer, London, retrieved 27 January 2010
  3. ^ "Baker makes tough decisions as he seeks catalyst for high street chemist's renewal", Sunday Herald, 4 September 2005, retrieved 27 January 2010
  4. ^ Cope, Nigel (1 May 2003), "Boots shops at Asda for new chief executive", The Independent, London, archived from the original on 6 September 2010, retrieved 27 January 2010
  5. ^ "How the Wal-Mart deal will boost Asda", Marketing Week, 17 June 1999, retrieved 12 February 2021
  6. ^ "DeNunzio takes reins at Asda", Mass Market Retailers, 21 October 2002, retrieved 27 January 2010
  7. ^ Cope, Nigel (2 May 2003), "Chemist's chain greets new chief with a £1.6m hello", The Independent, London, retrieved 27 January 2010
  8. ^ "Wellbeing proves a little too painful for Boots", Evening Standard, 27 March 2003, retrieved 27 January 2010
  9. ^ "Boots to cut 700 jobs from Wellbeing stores", The Telegraph, London, 27 March 2003, retrieved 27 January 2010
  10. ^ Rankine, Kate (3 October 2005), "Shareholders blast Boots over merger", The Telegraph, London, retrieved 27 January 2010
  11. ^ Townsend, Abigail (2 July 2006), "Boots to get green light on £7bn Alliance deal", The Independent, London, retrieved 27 January 2010
  12. ^ Muspratt, Caroline (31 July 2006), "UK's largest pharmacy created as Boots completes merger", The Telegraph, London, retrieved 27 January 2010
  13. ^ Fletcher, Richard (5 May 2007), "Profile: Richard Baker, chief executive of Alliance Boots", The Telegraph, London, retrieved 27 January 2010
  14. ^ Werdigier, Julia (25 April 2007), "Equity Firm Wins Bidding for a Retailer, Alliance Boots", New York Times, retrieved 27 January 2010
  15. ^ Jordan, Dearbail (2 May 2007), "Battle lines drawn for top job at Alliance Boots", The Times, London, archived from the original on 11 June 2011, retrieved 27 January 2010
  16. ^ "Alliance Boots chief quits post", BBC News, 11 July 2007, retrieved 27 January 2010
  17. ^ Conway, Edmund (28 April 2008), "Virgin Active could get new boss", The Telegraph, London, retrieved 27 January 2010
  18. ^ "Nectar card owner names ex Boots head Richard Baker to board", Marketing Magazine, 27 February 2009, retrieved 27 January 2010
  19. ^ "Richard Baker to chair Nectar company advisory board", Marketing Week, 26 February 2009, retrieved 12 February 2021
  20. ^ Leroux, Marcus (23 April 2010), "'Categorically not for sale' DFS goes for £500m", The Times, archived from the original on 11 June 2011, retrieved 13 September 2010
  21. ^ Sibun, Jonathan; Russell, Jonathan (5 September 2009), "Richard Baker accepts Whitbread's offer to return to City", The Telegraph, London, retrieved 27 January 2010
  22. ^ Lindsay, Robert (7 September 2009), "Whitbread hires ex-Boots boss as sales slide", The Times, London, retrieved 12 February 2021
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