Hugo Boss' CEO Steps Down

Claus-Dietrich Lahrs is resigning from his post as chief executive officer of Hugo Boss after eight years. The move comes amid tumbling share prices in the wake of declining sales in two vital markets: the USA and China. Shares in the storied German house have hit a five-year nadir after sales failed to live up to forecasted estimates. Boss has named Bernd Hake to take responsibility for sales on the company’s managing board, while other executive duties will be split amongst board members until a suitable replacement is found.