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New B&O boss

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Simonbeo
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Simonbeo Posted: Tue, Oct 8 2019 10:06 AM

Can we hope the new boss can reverse the fortunes?

https://www.bloomberg.com/news/articles/2019-10-08/bang-olufsen-names-new-ceo-after-reporting-yet-another-loss

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vikinger
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vikinger replied on Tue, Oct 8 2019 10:33 AM

Maybe the next Beo remote will look like a Blackberry.

Graham

Puncher
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Puncher replied on Tue, Oct 8 2019 10:49 AM

Seems well qualified in failing companies!

Ban boring signatures!

Aussie Michael
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I never even saw or heard from the outgoing CEO. You always heard from Tue however.

Wish the new guy every success. It’s certainly going to be a big job.
Rob - Danish AV
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BlackBerry is thriving...Whistle

Logitech is thriving...Confused

 

this guys CV can’t be too impressive... 

joeyboygolf
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Sooner rather than later, the new CEO's brief will be "sell the assets and wind the company up".

Could this be the one.  His previous experience doesn't look too clever with no record of turning ailing companies into success stories.

Bang & Olufsen as we know it is doomed.

Regards Graham

moxxey
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moxxey replied on Tue, Oct 8 2019 11:27 AM

joeyboygolf:

Sooner rather than later, the new CEO's brief will be "sell the assets and wind the company up".

What assets? Serious question.

vikinger
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vikinger replied on Tue, Oct 8 2019 11:35 AM

moxxey:

joeyboygolf:

Sooner rather than later, the new CEO's brief will be "sell the assets and wind the company up".

What assets? Serious question.

The name...... for short and declining period. Look at the famous tailor/ clothing retailer “ Jaeger”. Went bust 2 years ago. “The Edinburgh Woollen Mill” bought the name, but no other assets.

Graham

Hiort
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Hiort replied on Tue, Oct 8 2019 11:40 AM
Rob - Danish AV:

BlackBerry is thriving...

Logitech is thriving...

this guys CV can’t be too impressive...

He is Swedish.

Always something Smile

 

 

 

 

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Hiort
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Hiort replied on Tue, Oct 8 2019 11:57 AM
He just bought 56.000 shares Smile

 

 

 

 

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kuyttendaele
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Hiort:
He just bought 56.000 shares Smile

Not unusual for a CEO to do a buy-in when taking up his position. Should show the market that it's not just to fill up the CEO position and get a fat monthly paycheck.

Karel.

 

the_o_master
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Kristian Teär:
“I have followed Bang & Olufsen for many years and have always had a great passion for the company and its products. In fact, I own several of the iconic products myself. It is a unique luxury and lifestyle brand that has a special heritage...."

 

If this is true, it is at least the first + for him.

BTW: It would be interesting to know which products he already owns Whistle

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Vintage Bang & Olufsen

moxxey
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moxxey replied on Tue, Oct 8 2019 12:30 PM

vikinger:

The name...... for short and declining period. Look at the famous tailor/ clothing retailer “ Jaeger”. Went bust 2 years ago. “The Edinburgh Woollen Mill” bought the name, but no other assets.

The name? In what context? And how much is this 'name' worth in terms of retail. A few million, but hardly an asset. Assets are internationally recognised patents, technologies and similar which are worth a lot to a potential buyer.

Duels
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Duels replied on Tue, Oct 8 2019 12:31 PM
kuyttendaele:

Not unusual for a CEO to do a buy-in when taking up his position. Should show the market that it's not just to fill up the CEO position and get a fat monthly paycheck.

Karel.

It’s almost compulsory. If you don’t own shares as CEO believing that they will go up in value why would anyone else invest.
Millemissen
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Since this ‘news’ already was posted in another thread, I’ll post my comment here as well (slightly corrected).

This was about the headlines, that people read (and that newspeople make to create attention/clicks):

 

The danish national tv wrote about it in the news.

However, they added:

Opdatering: Det har tidligere fremgået af indledningen i denne artikel, at Henrik Clausen blev fyret. Det er ændret til “udskiftet”, da en fyring ikke er bekræftet.

Which means they changed ‘sacked’ to ‘replaced’.

Whatever happened, I see this more as a sign for the investors to calm down - if it will change anything is the question....

....for things happened in the past time on the financial front the chairman Ole Andersen is the ‘architect’. 

As the head of the board he is the one, who sets the course!

But of certainly it will be interesting to hear, what the new CEO has in mind for (the future of) B&O.

 

MM

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moxxey
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moxxey replied on Tue, Oct 8 2019 2:34 PM

Millemissen:

As the head of the board he is the one, who sets the course!

No he's not. It's a board decision. And it's usually open for discussion and a vote. It's not the CEO's decision. He'll take feedback, he'll commission reports, he'll then make his evaluation and suggestion, listen to feedback on this and ultimately take a vote and then make a final decision. It's not "his" at all.

Apple is one of the few companies where you had a talisman who had a sense of autonomy, a lot of respect and mostly got it right. Most other companies do not operate like this - and I've worked for big companies. The CEO generally will respect his board and advisors.

Millemissen
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moxxey:

Millemissen:

As the head of the board he is the one, who sets the course!

No he's not. It's a board decision. And it's usually open for discussion and a vote. It's not the CEO's decision. He'll take feedback, he'll commission reports, he'll then make his evaluation and suggestion, listen to feedback on this and ultimately take a vote and then make a final decision. It's not "his" at all.

Apple is one of the few companies where you had a talisman who had a sense of autonomy, a lot of respect and mostly got it right. Most other companies do not operate like this - and I've worked for big companies. The CEO generally will respect his board and advisors.

Please (re)read what I wrote....

.....I wrote that he (the chairman of the board = Ole Andersen) is the one, who sets the course.

Of course this is not the job of a CEO - since he is hired to get things going.

 

And - please believe me - Ole Andersen is the guy in the board, who has the saying there.

 

MM

There is a tv - and there is a BV.

Jaffrey2230
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If he can reduce the product line to some coherent level he can probably get the company back to profitability. B&O has some excellent hardware. Sony was in a similar situation with their business and they turned it around by focusing on a few key areas. All the best to the new CEO.

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vikinger
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vikinger replied on Wed, Oct 9 2019 11:04 AM

Millemissen:

.....I wrote that he (the chairman of the board = Ole Andersen) is the one, who sets the course.

Of course this is not the job of a CEO - since he is hired to get things going.

And - please believe me - Ole Andersen is the guy in the board, who has the saying there.

StUrrock replied on Wed, Oct 9 2019 10:23 AM 

This article seems to know where the problem is;

https://www.bloomberg.com/news/articles/2019-10-08/a-titan-of-europe-s-luxury-hifi-scene-is-running-out-of-lives

So Andersen is the man........ responsible for success or decline??? Danske Bank?......... No connection..........

Graham

 

Neil
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Neil replied on Thu, Oct 10 2019 4:52 AM

They rarely buy in .... usually get shares on joining as part of compensation agreement.

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