No. 45

COMPANY ANNOUNCEMENT
19 December 2011

The Board has reviewed a list of high calibre international candidates for the CEO position and decided that Björn's exceptional business track record and personal skills would be ideal in managing the future development and growth of the company.

Björn is currently Managing Director of the Deichmann Group as well as President and CEO of the wholly owned retail chains Rack Room Shoes and Off Broadway Shoes in the US. Deichmann Group, headquartered in Essen, Germany, is currently present in 25 countries with 3,000 local shops and employs approximately 30,000 people. The company sells more than 150 million pairs of shoes per year and has around EUR 4 billion in sales. Rack Room Shoes and Off Broadway Shoes have 450 stores and USD 850 million in sales. Prior to his positions with Deichmann Group, Rack Room Shoes and Off Broadway Shoes, Björn was Senior Vice President of apparel and accessories at Adidas and was part of the management group that took Adidas public in 1995.

Björn Gulden said: "I am extremely excited about this opportunity and I look forward to working with the PANDORA organisation to realise the significant long-term value I see in this unique company."

As previously announced, Marcello Bottoli will continue as interim CEO until Björn arrives and will in his position as interim CEO report PANDORA´s 2011 annual results on 21 February 2012. The Board is also announcing that, as of 1 March 2012, Marcello will become Deputy Chairman of the PANDORA Board of Directors in order for the company to utilise all the leanings Marcello has acquired in his role as interim CEO. Current Deputy Chairman, Torben Ballegaard Sørensen, will continue as member of the Board.

Allan Leighton, Chairman of PANDORA, said: "Björn is an outstanding executive who has impressed me with his knowledge and hands-on experience from many years in the retail and wholesale business around the world. We are very happy to welcome him to the company" and continues: "Marcello is doing a tremendous job as interim CEO. Getting him as Deputy Chairman of the Board means that we will harness all his learning going forward and ensure continuity and certainty to the outputs of the ongoing strategic review."

The content of this release will have no impact on PANDORA's outlook for 2011, as latest communicated to the market in Company announcement no. 44.

 

About Björn Gulden

Since 2000, Björn has been Managing Director of the Deichmann Group (shoes and sports retailing, 3,000 stores, 25 countries, EUR 4 billion in sales) located in Essen, Germany. In addition to his Group responsibilities, he has also been President and CEO of their American businesses Rack Room Shoes and Off Broadway Shoes (450 stores, USD 850 million in sales).

Prior to this, Björn spent eight years with Adidas.  As Senior Vice President heading up the worldwide apparel and accessories business, Björn was part of the group that took Adidas public in 1995.

Björn has been on several boards, including Helly Hansen (Norway), Dosenbach Schuhe (Switzerland), Ochsner Sport (Switzerland), Van Haren Schoenen (Holland), and he is currently on the Board of Tchibo Gmbh (Germany) and Expert ASA (Norway).

Björn has also had an athletic career. He played professional football both in Norway (Bryne and Strömsgodset) and in Germany (1. FC Nürnberg) before a serious injury stopped him from playing.

Björn was born in Switzerland and is a Norwegian citizen. He holds a BBA from the University of Rogaland (Norway) and an MBA from Babson Graduate School of Business in Boston, USA.

Björn is married and has three children.

 

ABOUT PANDORA
PANDORA designs, manufactures and markets hand-finished and modern jewellery made from genuine materials at affordable prices. The PANDORA jewellery is sold in more than 65 countries on six continents through over 10,000 points of sale, including more than 550 PANDORA branded concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs over 5,000 people worldwide of whom 3,600 are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ OMX Copenhagen stock exchange in Denmark. In 2010, PANDORA's total revenue was DKK 6.7 billion (approximately EUR 895 million). For more information, please visit www.pandoragroup.com

CONTACT

For further queries, please contact:

 

 

INVESTOR RELATIONS   Morten Eismark, VP Group Investor Relations Phone +45 3673 8213 Mobile +45 3045 6719

MEDIA RELATIONS   Kasper Riis, VP Group Communications Phone +45 3673 0627 Mobile +45 3035 6728