Belgian fashion group FNG, best known for its brands Brantano and CKS and its recent acquisition of Swedish home improvement group Ellos, has announced a management reshuffle in which president Eric Verbaere and CFO Nico Bondroit step down for personal reasons.
No further details
CEO Dieter Penninckx did not want to provide further details about both decisions, only that they stepped down for "personal reasons", Belgian business newspaper De Tijd noted. The CEO did however want to state clearly that neither had anything to do with analysts' criticism regarding the recent acquisition by FNG of Ellos. ABN Amro (and others) were rather sceptical of the acquisition's finances.
Roald Borré is promoted from being an FNG board member to being that board's president, while his old place now goes to Marieke Vollering. She currently works at Marktplaats, the biggest classified advertising site in the Netherlands, and was until 2010 in charge of the innovation team at bol.com. CFO Bondroit on the other hand will be succeded by Geert Jacobs, for whom it is a kind of homecoming: between 2010 and 2016, Jacobs worked for Brantano's former owner Macintish Retail Group.