Pandora fires CEO as new jewels fails to charm

Pandora’s chief executive, Anders Colding Friis, is stepping down, the firm said on Thursday, just days after warning of lower sales and profit margins this year. As Francis Maguire reports, shares in the Danish jewellery maker, known for its silver charm bracelets, have plunged by more than a fifth since the company lowered its sales and profit margin guidance for this year and announced plans to cut almost 400 jobs on Monday.

Danish jeweller Pandora fired its CEO on Thursday.

Anders Colding Friis was pushed out after the firm issued a profits warning, and announced it would cut 400 jobs. Former Body Shop head Jeremy Schwartz will now jointly run the company with CFO Anders Boyer. Shares in Pandora rose 9 percent after news broke of the CEO’s removal.

A sharp contrast to what happened earlier this week, when stocks plunged more than 15 percent after the company cut its 2018 sales growth outlook. Friis’ firing happens just seven months after he set out Pandora’s strategy towards 2022.

It aimed for sales to grow between 7 and 10 percent per year in that period. But the jeweler said its new new approach was not progressing as fast as they’d hoped. Sales of charms, the backbone of Pandora’s jewelry collection, were also tarnished – dropping 7 percent in Q2.