Pandora Seeks New Americas Chief

RAPAPORT... Pandora chief financial officer Peter Vekslund and presidentof Americas Scott Burger are leaving the company, the Danish jeweler reportedlast week. Anders Boyer, a member of Pandora's board of directors since2012 and the CFO of Hempel, will replace Vekslund, a four-year veteran at thecompany, in the coming months. "Pandora is a fantastic growth story and has a very strongbrand. I am looking forward to get[ting] a more operational role in Pandora andto work[ing] with the entire team to realize the huge opportunities Pandora hasacross geographies and products," said Boyer. Burger is stepping down in February after 10 years with thejeweler to pursue new endeavors. CEO Anders Colding Friis will take on the roleof interim president until the company finds a replacement. Pandora's revenue increased 12% year on year to $3.74billion (DKK 22.8 billion) in 2017, the company reported last week. Though the total was higher than theprevious year, it fell short of the company's original predicted revenue of $3.78billion to $3.94 billion (DKK 23 billion to 24 billion). "2017 has been a challenging year for Pandora. The 2017results are close to the targets we set ourselves at the beginning of the year,but we are, of course, disappointed to not fully reach the targets," saidFriis. A challenging US retail climate as well asunfavorable currency developments contributed to the revenue shortfall,according to the CEO.