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CEO of electricals retailer AO World to step down, founder to reassume role

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EDINBURGH (Reuters) - UK online electricals retailer AO World said on Thursday its chief executive Steve Caunce was stepping down, with John Roberts, the founder of the company, reassuming the role.

AO, which sells domestic appliances like fridges and cookers, reported a first-half loss in November and slower sales growth after being hit by lower consumer spending in Britain.

The company said Caunce would remain involved in the business on a part-time basis, but had decided to take a step back for a better work-life balance. He would remain as an advisor to the CEO and the board in a part-time role.

A survey from the Confederation of British Industry showed UK retail sales stagnated this month after a sharp fall in December, underlining tough trading conditions for retailers ahead of Britain's exit from the European Union.

(Reporting by Elisabeth O'Leary; Editing by James Davey and Susan Fenton)