Richard Baker (UK businessman)
Encyclopedia
Richard Baker is the former Chief Operating Officer of Asda Stores Ltd.
and CEO of Boots Group. He is currently Chairman of the European Division of Groupe Aeroplan, which owns and runs the Nectar Loyalty Programme
in the UK. He also serves as Non Executive Chairman of Virgin Active
, Non Executive Director of Whitbread plc, Operating Partner at Advent International
and Chairman of DFS.
, Cambridge
, Baker worked at Mars Confectionery for nearly 10 years, working his way up to Sales and Marketing Director. He joined Asda Stores Ltd
in 1995, where he worked for the following 9 years becoming Marketing Director in 1999, and ultimately Chief Operating Officer in 2002, following their acquisition by Walmart.
In September 2003, Baker joined Boots Group as Chief Executive Officer. The company had been reporting losses following its ill-advised move into its 'Wellbeing' services, which included Dentistry
, Massage
and Botox. 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. The announcement met with widespread opposition, but the merger was cleared by the OFT in February 2006 and completed in July that year. Baker became Chief Executive Officer of the new Alliance Boots GmbH
.
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. Baker left the company on completion of the transaction.
Baker has served as chairman of DFS since April 2010, following Advent International
's £500 million takeover of the furniture retail chain.
Asda
Asda Stores Ltd is a British supermarket chain which retails food, clothing, general merchandise, toys and financial services. It also has a mobile telephone network, , Asda Mobile...
and CEO of Boots Group. He is currently Chairman of the European Division of Groupe Aeroplan, which owns and runs the Nectar Loyalty Programme
Nectar loyalty card
Nectar is a loyalty card scheme in the United Kingdom comprising partner companies including the supermarket chain Sainsbury's, American Express, and BP. A separate Nectar program operates in Italy....
in the UK. He also serves as Non Executive Chairman of Virgin Active
Virgin Active
Virgin Active is a chain of health clubs in South Africa, Italy, Spain, Portugal, Australia and the United Kingdom. The company launched in 1998 in Preston, Lancashire as part of Richard Branson's Virgin Group....
, Non Executive Director of Whitbread plc, Operating Partner at Advent International
Advent International
Advent International is a global private equity firm focused on buyouts of middle market growth companies in Western and Central Europe, North America, Latin America and Asia...
and Chairman of DFS.
Biography
After graduating from Downing CollegeDowning College, Cambridge
Downing College is a constituent college of the University of Cambridge. The college was founded in 1800 and currently has around 650 students.- History :...
, Cambridge
University of Cambridge
The University of Cambridge is a public research university located in Cambridge, United Kingdom. It is the second-oldest university in both the United Kingdom and the English-speaking world , and the seventh-oldest globally...
, Baker worked at Mars Confectionery for nearly 10 years, working his way up to Sales and Marketing Director. He joined Asda Stores Ltd
Asda
Asda Stores Ltd is a British supermarket chain which retails food, clothing, general merchandise, toys and financial services. It also has a mobile telephone network, , Asda Mobile...
in 1995, where he worked for the following 9 years becoming Marketing Director in 1999, and ultimately Chief Operating Officer in 2002, following their acquisition by Walmart.
In September 2003, Baker joined Boots Group as Chief Executive Officer. The company had been reporting losses following its ill-advised move into its 'Wellbeing' services, which included Dentistry
Dentistry
Dentistry is the branch of medicine that is involved in the study, diagnosis, prevention, and treatment of diseases, disorders and conditions of the oral cavity, maxillofacial area and the adjacent and associated structures and their impact on the human body. Dentistry is widely considered...
, Massage
Massage
Massage is the manipulation of superficial and deeper layers of muscle and connective tissue to enhance function, aid in the healing process, and promote relaxation and well-being. The word comes from the French massage "friction of kneading", or from Arabic massa meaning "to touch, feel or handle"...
and Botox. 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. The announcement met with widespread opposition, but the merger was cleared by the OFT in February 2006 and completed in July that year. Baker became Chief Executive Officer of the new Alliance Boots GmbH
Alliance Boots
Alliance Boots GmbH is a leading international, pharmacy-led health and beauty group. It has two core business activities - pharmacy-led health and beauty retailing, and pharmaceutical wholesaling and distribution - and has a presence in more than 25 countries...
.
In April 2007, after publishing annual results that showed a profit increase of 7.4%, Alliance Boots was sold to private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm KKR for £11.1 billion; the highest price ever paid by a private equity company for a British public company. Baker left the company on completion of the transaction.
Baker has served as chairman of DFS since April 2010, following Advent International
Advent International
Advent International is a global private equity firm focused on buyouts of middle market growth companies in Western and Central Europe, North America, Latin America and Asia...
's £500 million takeover of the furniture retail chain.
Current roles
Baker now holds various board and advisory roles with top international companies including:- Chairman of the European Division of Groupe Aeroplan, which owns and runs the Nectar Loyalty ProgrammeNectar loyalty cardNectar is a loyalty card scheme in the United Kingdom comprising partner companies including the supermarket chain Sainsbury's, American Express, and BP. A separate Nectar program operates in Italy....
in the UK. It also has interests in other loyalty schemes across Europe. - Non Executive Chairman of Virgin ActiveVirgin ActiveVirgin Active is a chain of health clubs in South Africa, Italy, Spain, Portugal, Australia and the United Kingdom. The company launched in 1998 in Preston, Lancashire as part of Richard Branson's Virgin Group....
. - Non Executive Director of Whitbread plc.
- Operating Partner at Advent InternationalAdvent InternationalAdvent International is a global private equity firm focused on buyouts of middle market growth companies in Western and Central Europe, North America, Latin America and Asia...
. - Chairman of DFS.