Anders Colding Friis, CEO of Danish jewelry manufacturer and retailer Pandora, will leave the company at the end of August. According to Gem Konnect, the announcement came after Pandora issued a profit warning.last week. Its shares plunged following the announcement, and the company lost “$1 billion, or almost a quarter of its market value” in its wake, according to the report.
Pandora announced that Jeremy Schwartz from The Body Shop will act as Chief Operating Officer along with the current COO Anders Boyer. Both men will manage the company until a new CEO is found. According to Group Chairman Peder Tuborgh, the new CEO “would have to “restore the relationship with the stock market”.
Last week, along with the profit warning, Pandora announced it will let off 397 of its 27,000 employees. According to IDEX Online, 218 of these work in Thailand. According to Pandora, the move would “strengthen commercial functions, streamline manufacturing and shift resources to strategic priorities”.
