RAPAPORT… Pandora chairman Peder Tuborgh is set to leave the Danish
jewelry maker. This comes just one month after the company appointed veteran
consumer-brand executive Alexander Lacik as its new CEO.
These significant leadership changes form part of the
company’s strategic initiative to combat disappointing sales figures, a
sluggish retail market, and problems with its new jewelry lines.
In 2018, Pandora’s total revenue stagnated at DKK 22.81
billion ($3.49 billion), with profit falling 13% to DKK 5.05 billion ($772.5
million).
Tuborgh will ask the company’s nomination committee to begin
preparations to appoint a new chairman, the jeweler said.
Image: Peder Tuborgh. (Niels Åge Skovbo)
Pandora Chairman Quits Amid Reshuffle
The Bottom Line
- Pandora chairman Peder Tuborgh plans to resign following the appointment of new CEO Alexander Lacik.
- The leadership changes respond to stagnant 2018 revenue of DKK 22.81 billion ($3.49 billion) and a 13% profit decline.
- Pandora faces challenges from sluggish retail conditions and problems with its new jewelry lines.
More Stories
Namibia Authorities Investigate Allegations About Corruption in Diamond Sector
Brilliant Star denies activist’s allegations about it; De Beers terminates company’s sight following separate review.
Shai Schnitzer Becomes Third Generation of Family to Head IDE
His grandfather, Moshe Schnitzer, and father, Shmuel Shnitzer, both served as president.
Romanov Sapphire Sails Past Estimate to Score $5M at Sotheby’s
Auction house originally predicted Cartier bracelet would bring in up to $2 million.
