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Pandora’s COO Steps Down as Company Eliminates Position
Chief Operating Officer Jeremy Schwartz is leaving after less than a year on the job.
Copenhagen, Denmark—Pandora Chief Operating Officer Jeremy Schwartz has stepped down after less than a year on the job, the company announced Tuesday.
Schwartz is the latest in a long line of executives to exit, joining five former CEOs who have departed since the company went public in 2010.
He was named COO in September 2018, as per his LinkedIn profile, and has deep roots in marketing, previously working with L’Oreal S.A., The Kraft Heinz Company, The Coca-Cola Company and Sainsbury’s.
His resignation is effective immediately following a discussion with Peder Tuborgh, chairman of the board of directors. Tuborgh said in a company statement that he had “sympathy for Jeremy’s decision considering the overlap of competencies” between him and incoming CEO Alexander Lacik.
A Pandora spokesperson confirmed Tuesday that the company is eliminating the COO position for now, stating: “The future leadership team will consist of CEO Alexander Lacik and CFO Anders Boyer. We constantly assess the optimal organizational structure of Pandora, but for now, two executive members is the ideal setup.”
Lacik was appointed in February and is expected to take the reins of the company soon, Pandora said, though the company did not specify an exact date.
Schwartz will serve as advisor to Lacik as he joins the company.
In the company statement, Tuborgh noted Schwartz’s contribution to Pandora’s two-year turnaround plan called Programme NOW.
Introduced in November, the plan includes buying back inventory from wholesale partners and scaling back on promotions and the size of sell-in packages.
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