GERMANY: Hugo Boss CFO quits amid "differences of opinion"
German fashion group Hugo Boss says its chief financial officer, Joachim Reinhardt, will be leaving the company following disagreements regarding the company's growth strategy.
Reinhardt had been the managing board member responsible for the areas of finance, HR, legal matters and IT at Hugo Boss since 1 April 2006, but will be leaving at his own request at the end of the month.
"The departure of Mr Reinhardt comes in the wake of differences of opinion regarding the implementation of the company's growth strategy," the company said in a statement.
"Hugo Boss is grateful to Mr Reinhardt for his successful endeavours over the past years, particularly in the demanding transitional stage over recent months, during which Mr Reinhardt was responsible for coordinating managing board duties."
Dr Martin Weckwerth, member of the company's supervisory board and majority shareholder representative, added: "Over recent months, Mr Reinhardt took on a wider range of duties and was successful in ensuring the stability and continuity of the management of Hugo Boss.
"We are grateful for the commitment he has always shown to the interests of the company and wish him every success in his professional and personal life in the future."
Separately, Dr Hellmut Albrecht was elected chairman of Hugo Boss' supervisory board in a meeting held today (16 July).
Albrecht has worked for many years as an independent international corporate consultant, the company said, and takes over the chairmanship from Dr Giuseppe Vita who resigned from the post on 30 June 2008.
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