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Pandora Seeks New Americas Chief
Revenue Gains Disappoint
Jan 16, 2018 6:13 AM
By Rapaport News
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RAPAPORT... Pandora chief financial officer Peter Vekslund and president
of Americas Scott Burger are leaving the company, the Danish jeweler reported
last week.
Anders Boyer, a member of Pandora’s board of directors since
2012 and the CFO of Hempel, will replace Vekslund, a four-year veteran at the
company, in the coming months.
“Pandora is a fantastic growth story and has a very strong
brand. I am looking forward to get[ting] a more operational role in Pandora and
to work[ing] with the entire team to realize the huge opportunities Pandora has
across geographies and products,” said Boyer.
Burger is stepping down in February after 10 years with the
jeweler to pursue new endeavors. CEO Anders Colding Friis will take on the role
of interim president until the company finds a replacement.
Pandora’s revenue increased 12% year on year to $3.74
billion (DKK 22.8 billion) in 2017, the company reported last week. Though the total was higher than the
previous year, it fell short of the company’s original predicted revenue of $3.78
billion to $3.94 billion (DKK 23 billion to 24 billion).
“2017 has been a challenging year for Pandora. The 2017
results are close to the targets we set ourselves at the beginning of the year,
but we are, of course, disappointed to not fully reach the targets,” said
Friis.
A challenging US retail climate as well as
unfavorable currency developments contributed to the revenue shortfall,
according to the CEO.
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Tags:
Anders Boyer, Anders Colding Friis, Hempel, jeweler, Pandora, Peter Vekslund, Rapaport News, Scott Burger
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