Hugo Boss AG Chief Executive Officer Claus-Dietrich Lahrs has stepped down from his position which he held for the last eight years.
The move comes following lower than expected profits for the German fashion retailer for the second time in six months.
'The last eight years were successful and exciting years in a unique HUGO BOSS culture. The excitement and passion of all employees for our Company have been impressive and will be in my memory. The special HUGO BOSS spirit will keep the Company on the success path also in the future,' said Claus in a statement.
While the company has begun searching for his successor, the other responsibilities of Lahrs will be taken care of by the other members of the Managing Board. Bernd Hake currently holds the office of Senior Vice President EMEA, Middle East and India, has been appointed member of the Managing Board responsible for sales and retail.
'Claus-Dietrich Lahrs has put his stamp on the development of HUGO BOSS during the past years. For the brand he has paved the way for an international future and he has positioned the Company well in the market. Major strategic decisions for the development of the own retail business and for the development towards a leading fashion company in the premium market fall into his term of office. HUGO BOSS AG thanks Claus-Dietrich Lahrs also in the name of the employees and the shareholders for the work done. We wish him good luck and a lot of success also for his professional future,' said Supervisory Board chairman Michel Perraudin in a statement.
Hugo Boss will announce its results for fiscal 2015 on March 10.
Follow Fashion Model Directory on Pinterest, Facebook, Linked In and Twitter!