Gerry Weber to appoint son of founder as CEO
today Jan 22, 2015
FRANKFURT, Germany - Germany's Gerry Weber said on Thursday it would appoint Ralf Weber, the son of the fashion group's founder, as head of the managing board from Feb. 25.
Ralf Weber joined the three-man board in 2013 and was already head of sales and corporate development. His father Gerhard Weber, who owns a 29 percent stake in the firm, stepped down last year and joined the supervisory board.
David Frink will give up the CEO post, but continue to run finance, logistics, IT, administration and human resources, the group said in a statement, while the third board member Arnd Buchardt remains in charge of products, brands and licences.
Gerry Weber said shareholder representatives on the supervisory board had agreed to the step.
Last month, the company agreed to buy fashion group Hallhuber and announced plans to return to the menswear market as part of its expansion strategy.
The firm has been expanding beyond its home market and has said it could also make acquisitions to add brands to complement its Gerry Weber and Taifun lines, which cater to women in their mid-thirties and older, and the Samoon brand for plus-sized womenswear.
Gerry Weber said sales and earnings for the financial year to Oct. 31 were likely to be lower than it previously expected, citing unseasonably warm weather in its final quarter. The group is due to publish 2013/14 results on Feb. 26.
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