Bang & Olufsen CEO gets the boot for falling sales, profits
That Bang & Olufsen management team is sure a vindictive bunch. A teensy little 37% drop in profits this year, plummeting sales and a tanking stock price and CEO Torben Sorensen is out on the street. The firing of Sorensen leaves what some are calling "a managerial vacuum in the company," but Bang & Olufsen is trying to regroup as fast as possible after the hits it's received in the luxury tech industry. B&O is planning on regrouping to its "core business" of audio and video products, and we'll see if that can give them the kick in the pants they need to keep building ridiculously overpriced electronics for years to come. No word on who's going to be picked to replace Sorensen.
