Hugo Boss AG has looked inside its ranks for its new chief executive officer.

On Monday, the Metzingen, Germany-based brand selected Mark Langer, its chief financial officer, to become the new ceo. The appointment, which was made “after careful consideration of different options,” requires approval of the company’s supervisory board, a decision that is “expected shortly,” according to the company.

“I am convinced that appointing Mark Langer is absolutely the right decision, especially in the current situation,” said supervisory board chairman Michel Perraudin. “Mr. Langer has our complete confidence. With the actions already taken within the last couple of months, he has acted quickly and shown great determination as well as strategic foresight.”

Langer said: “I am very much looking forward to taking over this challenging and responsible task. Due to my years of work for Hugo Boss, I have a clear understanding of the company’s potential and know what we need to do to get it back on track for profitable and sustainable growth.”

Langer has been with the company for 13 years and has been a member of its managing board since 2010.

Hugo Boss has been struggling financially of late. In the first quarter ended March 31, net income plunged 49 percent and operating earnings fell 48 percent, due to numerous factors including increased discounting and decreasing sales in the U.S. and rising operating expenses. Group sales were also down 4 percent.

In February, ceo Claus-Dietrich Lahrs stepped down after the company cut its profit outlook for the second time in six months. He was followed out the door by chief brand officer Christoph Auhagen in April.

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