Bang & Olufsen Enlists Former BlackBerry Manager for Revival
- Danish audio company looks outside its ranks for successor
- B&O missed out on shift from living room to mobile systems
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Bang & Olufsen A/S enlisted a former BlackBerry Ltd. manager to try to revive the fading Danish electronics maker after consumers abandoned its sleek living room hi-fi systems in favor of listening to music on the go.
Kristian Tear, 55, will take over as chief executive officer from Henrik Clausen, who presided over three profit warnings in less than a year. The stock rose as much as 9.5% in Copenhagen on Tuesday but it dropped more than 70% over the previous 12 months, eroding the company’s market value to $225 million.