Struggling luxury TV and stereo maker Bang & Olufsen hires new CEO

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COPENHAGEN (Reuters) – Danish TV and speaker maker Bang & Olufsen (CO:) said on Tuesday that former vice president at Logitech (S:) Kristian Tear would replace Henrik Clausen as chief executive with immediate effect.

Shares in B&O are down more than 70% over the past year as it has been struggling with weak demand for its televisions and has repeatedly cut its sales and profit outlook.

B&O did not provide a reason for the replacement and was not immediately available for a comment.

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