PARIS — Ending its months-long search for new board leadership, Pandora has named Peter A. Ruzicka as chair of its board, replacing Peder Tuborgh.
“Now, the time is right for me and for Pandora to bring in a new chair to realize the long-term potential of our company,” said Tuborgh in a statement.
The Copenhagen-based charms jeweler, which is undergoing a broad restructuring program under the leadership of chief executive officer Alexander Lacik, announced in March that it would seek a new chair.
Ruzicka hails from Orkla ASA, a Norwegian conglomerate straddling consumer goods, aluminum and financial sectors, where he was president and ceo and steered the company toward branded consumer goods, increasing its proportion of sales from abroad.
In its statement, Pandora cited Ruzicka’s experience in strategy, transformation execution, brand-building and retail optimization as well as his understanding of capital markets.
The company also announced an extraordinary shareholder meeting on Dec. 4 to vote on Ruzicka’s appointment, who will take up the position on Dec. 31.
Struggling from declining foot traffic in malls, Pandora is undergoing a brand reboot led by Lacik, a Swedish executive who joined the company in the second quarter this year, following an extended interim period following the departure of Anders Colding Friis last August.
Restructuring efforts include buying back wholesale inventory, revisiting its store network, reducing discounts and investing more in marketing. The label recently launched its Millie Bobby Brown campaign, featuring jewelry worn by the “Stranger Things” star in Atlanta wearing Pandora pieces targeting Gen Z consumers.