Share scare prompts B&O CEO sack

11-01-2008

Share scare prompts B&O CEO sack
Bang & Olufsen (B&O) has fired its chief executive, Torben Sorensen, the audio-video company has announced.

The decision comes after the Danish firm experienced a severe drop in share price this week following disappointing figures.

In a statement released today the chairman Jorgen Worning confirmed: "The board of directors wishes to refocus on Bang & Olufsen's core business - ie its renowned audio and video quality products

"The recent years' disappointing development in the group's overall turnover – and the regrettable downgrading of the company's result [after the stock exchange announcement on Wednesday]– has contributed to the board’s decision to make changes within the company’s top management."

B&O announced on Wednesday that it had seen a 37 per cent drop in first-half pretax profits but some analysts have speculated that the decision to sack Mr Sorensen may have been made too quickly.

Mr Worning added that the search for a new chief will be "conducted with the assistance of external consultants".

In early trading today, shares of B&O have risen close to a full percentage point to 317 Danish kroner (£32.16) on the Nordic stock exchange.

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