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UPDATE 1-Pandora picks Scandinavian Tobacco boss as new CEO
August 28, 2014 / 7:05 AM / 3 years ago

UPDATE 1-Pandora picks Scandinavian Tobacco boss as new CEO

* Pandora appoints Anders Colding Friis as new CEO

* Current CEO Allan Leighton to be co-deputy chairman (Adds details, background, analysts)

COPENHAGEN, Aug 28 (Reuters) - Danish jewellery retailer Pandora said Anders Colding Friis, the boss of Scandinavian Tobacco Group, would become its new chief executive from March 2015.

Current chief executive Allan Leighton will be recommended to become co-deputy chairman of the board at the next annual general meeting, the company said on Thursday.

Peder Tuborgh, chief executive of Danish dairy producer Arla Foods, will be recommended to be elected as the firm’s chairman at an extraordinary general meeting in October 2014, it added.

“Allan Leighton has formed a solid foundation which Friis has to carry on,” Sydbank analyst Soren Lontoft said, adding it was welcome that Friis had experience with a consumer business from his time at Scandinavian Tobacco Group.

Pandora’s shares rose more than nine percent after the company reported a 69 percent increase in second-quarter core profit on Aug. 13..

Alm. Brand Markets analyst Jesper Christensen saw the change in management as positive, if expected. (Reporting by Stine Jacobsen and Annabella Nielsen; Editing by Pravin Char and Mark Potter)

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