The CEO of Austrian hosiery manufacturer Wolford will step down from his position at the end of the month.
Ashish Sensarma, who has served as CEO since January 7, 2015, will resign from the brand’s management board on July 31.
Axel Dreher, who currently holds the roles of COO and CFO at Wolford, will assume the position of CEO on August 1.
He will also take the management responsibility for Strategy, Marketing & Sales while continuing to fulfil his duties as COO for Product Development, Production and Technology as well as Distribution Logistics.
“The operational implementation now requires a very integrated approach along the entire value chain, which we want to ensure by bundling the relevant tasks in the hands of Axel Dreher,” explains Dr. Antonella Mei-Pochtler, Chairwoman of the Supervisory Board of Wolford.
Meanwhile, Wolford has announced that Brigitte Kurz will become the company’s first female board member.
She will assume all responsibilities from Axel Dreher as CFO and take charge of Human Resources, IT, Legal Affairs and Investor Relations.
“Since joining the company close to two years ago, Brigitte Kurz has made a substantial contribution to the professionalisation of the Finance Department, demonstrating her extensive competence and determination. We assume that she will also resolutely move ahead with the agreed upon measures,” adds Mei-Pochtler.
The news comes six months after Wolford revised its projections for the current financial year and warned of a dent in profits after January sales declined.
In spite of a slight recovery in its revenue in November and over Christmas, with sales matching the prior-year level, revenue in January fell 8% on the previous year.
Against this backdrop, the brand said it expected an operating loss ranging between minus €8 million (£6.8m) and minus €10 million (£8.5m) for the entire current 2016/17 financial year.