Two days after Hugo Boss warned its investors that its fiscal 2016 profits would be lower than expected, the company announced Thursday that CEO Claus-Dietrich Lahrs will be stepping down from his position, effective Feb. 29. While the company begins searching "without delay" for his successor, various members of the brand's board will take up Lahrs's duties, including Senior Vice President of Europe, Middle East, Africa and India Bernd Hake, who will be handling sales and retail as of March 1.
Lahrs has held the role of CEO for the past eight years, and it was under his leadership that the brand hired Jason Wu as creative director, a move that gave a significant boost to its womenswear business and brought excitement to its New York Fashion Week shows. When it issued that profit and sales warning on Tuesday, Boss said that its European business has continued "solid growth," but weakness in its retail segment in China and the U.S. dragged down its predicted growth for 2016 — sales are now likely to increase by a low single-digit percent.
Hugo Boss will announce its results for fiscal 2015 on March 10.