New CEO for Bang & Olufsen

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The Danish seller of luxury TVs and sound equipment Bang & Olufsen has appointed a new top man. Kristian Tear immediately takes over from Henrik Clausen.

Tear has to pull out the ailing company after a series of profit warnings. Bang & Olufsen is struggling with increased competition and a weaker demand for its televisions and audio speakers. Tear was previously a director at hardware producer Logitech and technology concern BlackBerry.

Last week Bang & Olufsen announced figures for the past quarter. Turnover plummeted by 30 percent and another loss was incurred. In August Bang & Olufsen chairman Ole Andersen said that the company is open for sale. The share on the Copenhagen stock exchange has already dropped considerably in value this year.

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Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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