October 8, 2019 / 6:20 AM / 12 days ago

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

COPENHAGEN, Oct 8 (Reuters) - Danish TV and speaker maker Bang & Olufsen said on Tuesday that former vice president at Logitech 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. (Reporting by Andreas Mortensen Editing by Shri Navaratnam)

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