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.