The Wall Street Journal-20080215-Hugo Boss Chief Quits Over Plans

Return to: The_Wall_Street_Journal-20080215

Hugo Boss Chief Quits Over Plans

Full Text (127  words)

Reuters News Service

Hugo Boss AG Chief Executive Bruno Saelzer is leaving at month's end after disagreeing with the supervisory board over the clothes retailer's plans. The company said the separation was amicable. Mr. Saelzer couldn't be reached to comment.

Shares in Hugo Boss fell 6% to 35.70 euros ($52.01) in Frankfurt. The company said Mr. Saelzer's duties will be handled by board members while it seeks his successor. Last week, Hugo Boss forecast a 2008 sales increase.

Private-equity company Permira became a large shareholder in Hugo Boss last year and made a takeover offer after securing majority control of parent company Valentino Fashion Group SpA. Permira controls more than 80% of the voting rights in Hugo Boss, which has had sales increases every year since 2003.