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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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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.
Tags: Anders Boyer, Anders Colding Friis, Hempel, jeweler, Pandora, Peter Vekslund, Rapaport News, Scott Burger
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