IC Group would like to increase the independence of the Group's core brands and reassess those functions which have been managed centrally until now. Given this context, the Group CEO has resigned his position.
Group CEO Mads Ryder has resigned his position. The Board of Directors has asked Peter Thorsen, who is a member of the Board of Directors, to take over the role as interim Group CEO.
The Board of Directors would like to implement a new structure in IC Group entailing that the Group's core brands; Peak Performance, Tiger of Sweden and By Malene Birger will be operated as independent business units in the future.
The new structure will ensure a stronger focus on exploiting the three core brands' potentials through, among others, a more efficient execution capability. By implementing this new structure, the role of the Group CEO will be changed and, consequently, Group CEO Mads Ryder has resigned his position.
The Chairman of the Board of Directors states: "We wish to create more independent and agile business units in order for these to develop better and faster." He furthermore adds: "We have been working on a general masterplan in respect of the new structure, and in order of specifying and drafting the final, detailed plan, we have asked Peter Thorsen to head the process for the coming period." Henrik Heideby emphasizes: "Peter is quite experienced in these sort of transformation processes."
The Board of Directors expects that the final plan and the future management structure will be determined at a board meeting within the next six months at which point Peter Thorsen's role as interim Group CEO will cease.
It should be emphasized that the strategic course of the three Premium brands is not going to be re-evaluated; it is solely with a view to accelerating value creation, including the optimal development of the three brands' full potential.
The changes will result in non-recurring costs which may result in changes to the Company's guidance for the financial year 2016/17. The Board of Directors will inform in more detail in connection with the announcement of the interim report for H1 2016/17 scheduled to take place on 28 February 2017. The Board of Directors expects that costs savings will be realized once the new plan has been implemented.
IC Group A/S
Chairman of the Board of Directors
Please direct any questions regarding this announcement to:
Henrik Heideby, mobile phone +45 21295001
Peter Thorsen, mobile phone +45 40700676
This announcement is a translation from the Danish language. In the event of any discrepancy between the Danish and English versions, the Danish version shall prevail.