DENMARK: InWear Chairman Ousted Over Management Clash
InWear's chairman of the board was sacked by clothing tycoon Niels Martinsen because he refused to get involved in details, and refused to act as an old-fashioned working chairman. According to Danish daily Berlingske Tidende, InWear's major shareholder and founder, Niels E. Martinsen had several times put pressure on Torsten E. Rasmussen to get more involved in InWear. The retiring chairman, who is also a board member of several other major companies such as Bang and Olufsen, apparently refused. Martinsen owns 64 per cent of the shares and is still on the board, although he lost his job as managing director last year after poor financial results. The retiring chairman found Martinsen's replacement, Lars Kjær, who was employed to have better control over the business.Neither Rasmussen nor Niels Martinsen will discuss the reasons for the sacking. However, Torsten E. Rasmussen does say that he has full confidence in the restructuring being carried out by managing director Lars Kjær: "I have full confidence in Lars Kjær, who I personally chose for the job, and did a great deal to get in. I have full confidence in the strategic platform, and full confidence in the action plan for 2000 which Lars Kjær has presented and is introducing," says Torsten E. Rasmussen.With Ole Tolstrup Krogsgaard as the new chairman, Niels E. Martinsen has a firm grip on the company. Managing director Lars Kjær's freedom to act could be considered limited, even though he is theoretically responsible for the company's finances, and the whole business. Niels E. Martinsen continues to be responsible for InWear's collections, the brands Matinique, InWear and Part Two.
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