Germany’s premium fashion retailer, Hugo Boss, will have a new boss in town with Chief Financial Officer Mark Langer assuming the roll of CEO once the annual shareholders meeting takes place on Thursday.
Hugo Boss is known around the world for the brand’s premium men’s fashion, but has recently had some struggles turning a profit, leading former CEO Claus-Dietrich Lahrs to call it quits in February after the company issued its second consecutive profit warning.
The company decided to fill the position from within the company to avoid a length transition period that the fashion label cannot afford, and Langer, who joined Hugo Boss 13 years ago, is seen as being the best fit for the role.
Members of the supervisory board expect shareholders to agree with their recommendation on Thursday. Chairman Michel Perraudin expressed his complete confidence in Langer, saying in a statement that “With the actions already taken within the last couple of months, he has acted quickly and shown great determination as well as strategic foresight.”