Pandora’s president and chief executive officer, Anders Colding Friis, has announced he is stepping down.
Since the brand has modified its financial guidance for 2018, shares have plummeted by more than a fifth, with many speculating whether the president and CEO would be able to hold his position.
Now, just days following the stock slump, Anders Colding Friis revealed he will leave the company on August 31, 2018 after three and a half years at the helm.
The search for a new chief executive officer is now underway, while the team will also be strengthening its management team with new appointments.
Jeremy Schwartz, the former chief executive of The Body Shop, will be joining the business as chief operating officer, effective as of September 1 2018. Together with the Pandora’s chief financial officer, Schwartz will be responsible for managing the company and leading the execution of its strategy with the full support of the board of directors until the appointment of a new CEO.
During the Capital Markets Day held on 16 January 2018, the company presented its strategic direction towards 2022. In a statement today Pandora says the board remains “fully committed” to this strategy and recognises the importance of its successful execution.
Peder Tuborgh, chairman of the board of directors, comments: “The Board recognises the important role Anders Colding Friis has played in leading the company and in particular in developing and articulating the right new strategy assuring the future success of Pandora. Pending the appointment of a new CEO, I am delighted that we have Anders Boyer and Jeremy Schwartz on board to take the lead.”
As part of the Company’s effort to strengthen its leadership team, Pandora intends to reinforce the board of directors with further appointees with relevant business experience in major global consumer and/or retail businesses.
Spencer Stuart has been retained to lead the executive search for both a new CEO and candidates for the board of directors.