Pandora shakes up its helm: names new chair of its board

Pandora boosts its team. The Danish jewelry company has appointed Peter A. Ruzicka as new president. The executive will join his position on December 31 and will replace Peder Tuborgh. The company already announced last March that it was looking for a new president.

 Ruzicka has worked until now in Orkla, a Norwegian conglomerate straddling consumer goods, aluminum and financial sectors. Pandora has explained that he has signed the executive because of his experience in business transformation and brand building.

Pandora cut its net profit by half in the first half of the year

The Danish group plans to take advantage of the manager’s talent to continue with its transformation. Pandora’s plan is based on three pillars: reinforcing the relevance of the brand, emphasizing omnichannel, reducing costs and reordering its commercial network.

The group ended the first half of the year of 2019 with a net profit of 2.2 billion Danish crowns (295.3 million euros) compared to 5 million Danish crowns (676.4 million euros) of the same period of one year ago, while its sales shrunk 6% between January and June, up to 9.4 billion Danish crowns (1.2 billion euros).