GENEVA (BLOOMBERG) - Bang & Olufsen, the unprofitable Danish maker of luxury audio systems, said it is replacing chief executive officer Henrik Clausen with Kristian Tear, who has worked at Logitech and Blackberry.
Tear, 55, will soon move to Denmark from Switzerland and the change takes effect immediately, the company said on Tuesday (Oct 8). Bang & Olufsen said replacing Clausen doesn't alter the outlook for this financial year.
Bang & Olufsen last week reported a second consecutive quarterly loss as retailers struggled to clear out excess inventory. Sales declined 30 per cent, missing expectations.
Pressure mounted on Clausen after three profit warnings in less than a year. The company has been cracking down on shops that shift products to unauthorised sales channels at discounts, which has exacerbated a drop in revenue.
Tear was vice-president of the Europe region for Logitech International SA for four years. Before that, he was chief operating officer at BlackBerry Ltd.