ARCHIVED FORUM -- March 2012 to February 2022READ ONLY FORUM
This is the second Archived Forum which was active between 1st March 2012 and 23rd February 2022
http://globenewswire.com/news-release/2016/04/26/832512/0/en/Henrik-Clausen-replaces-Tue-Mantoni-as-CEO-of-Bang-Olufsen-A-S.html
Struer, 2016-04-26 08:00 CEST (GLOBE NEWSWIRE) -- Company Announcement no. 15.17
Bang Olufsen has appointed Henrik Clausen as new CEO with effect from 1 July 2016. Henrik Clausen replaces Tue Mantoni who some time ago initiated a dialogue with the Board of Directors about his long term commitment as CEO once certain important projects had been completed.
Henrik Clausen (52) comes from the Telenor group where he was CEO of the Danish business from 2005-10 and CEO of the listed Malaysian DiGi from 2010-14. Since 2014, Henrik has been executive vice president for strategy and digital for the Telenor globally; and advisor to the group CEO. Henrik has lived in Asia for the last 6 years and will be relocating to Denmark when he joins Bang & Olufsen on 1 July. Henrik holds an MSc in Electrical Engineering and an MBA from INSEAD.
Tue Mantoni, who became CEO in March 2011, steps down when Henrik Clausen takes over and will remain available for a transition phase.
Chairman of the Board of Directors Ole Andersen: “We look forward to welcoming Henrik Clausen. I am confident that he has the international leadership experience required to take Bang & Olufsen to the next level. I want to thank Tue Mantoni for his contributions to Bang & Olufsen. Tue initiated a dialogue about his long term commitment with the Board of Directors some time ago. Following the completion of a number of important projects Tue will now step down as CEO.”
Henrik Clausen: “Bang & Olufsen is an iconic brand, with state-of-the-art quality products and a unique heritage. I look very much forward to joining the organization and working with the team to further exploit the global potential.”
Tue Mantoni: “Bang & Olufsen is a great company, and I believe a lot in its future. I have no plans of continuing my life as a top executive for now. My future plans include a strong wish for more flexibility, permitting me to devote more time to a number of exciting start-up projects, as well as to a handful of board positions in Denmark and abroad.”
Ole Andersen
Chairman of the Board
For further information, please contact:
Investors: Claus Højmark Jensen, tel. +45 9684 1251
Press: Jan Helleskov, tel. +45 5164 5375
Hopefully the new CEO will be much much better!
I am not sure if this is good or bad news?
Most forum readers will know, that I always supported Tue in his doings for B&O.
He has worked hard on changing a rather conservative/self-satisfied/dusty company into a company, that is more focussed on the users/buyers, more open to new inspiration.
And he has made the world aware of what B&O can do!
Not saying that he succeeded with all - and it certainly also created new problems.
But imo he has done an excellwnt job in keeping B&O alive and kicking.
We probably won't learn everything behind this change of CEO.
Assumed that Tue did resign 'from his own free will', I fully understand it - he has had some extremely stressfull years and has been more than 100% involved in developing B&O to what it might become in the future.
Personally I wish him good luck with what he will be doing next - he should however slow a bit down.
We don't know yet what to expect from the new CEO - hopefully we will soon learn more.
MM
There is a tv - and there is a BV
Millemissen: I am not sure if this is good or bad news?
Time will tell...Tue may have made some good things, but otherwise he just did the "standard program":- cut jobs- cut costs- outsource to China- tell how great and important you aremy 2 dead Beosound 3 painful remind me about the "quality" of Made in China. ;-)Let's see how the new guy will do and maybe he can correct the current way of Bang & Olufsen to secure another 90 years while avoiding to degrade the quality.
TWG: my 2 dead Beosound 3 painful remind me about the "quality" of Made in China. ;-)
my 2 dead Beosound 3 painful remind me about the "quality" of Made in China. ;-)
BeoSound 3 was made long before Tue came to the company - and (as far as I remember) it was made in DK.
The top plate was manufactured in China according to my dealer and if you look at the bottom of the BS3: There's a very high amount of kanji characters ;-)You are right about Tue and there's no coherence between him and the BS3. I just use the BS3 as some kind of memorial for outsourcing. :)
TWG:Tue may have made some good things, but otherwise he just did the "standard program":- cut jobs- cut costs- outsource to China- tell how great and important you aremy 2 dead Beosound 3 painful remind me about the "quality" of Made in China. ;-)Let's see how the new guy will do and maybe he can correct the current way of Bang & Olufsen to secure another 90 years while avoiding to degrade the quality.
Sadly, that's indeed all what Mr. Mantoni has achieved. Was this his intention, or was he deliberately kept as limited by the board...
As a formal Telenor Strategy & Digital CEO I presume that Mr. Clausen has lots of experience in the digital systems.
Lets hope this new CEO sees that its not all about aluminium, and invest more in to digital research*. Attracting young engineers with clear visions and idea's, people who are developing again some iconic gear as B&O proudly stands for in the eighties. And hopefully it hasn't to cost € 70.000
*(Looking back to the Moment as a premature child, struggling more then a year to become a more or less stable digital music player.)
"Believe nothing you read and only half of what you see, let your ears tell you the truth."
Wishing Tue all the best for the future. I like that he said that he wants now to have a more simpler life.
I think he did a good job on the whole in a declining market, only time will tell if it was prudent to sell of Ice Power and the Automotive division. I wonder if this was beneficial to his package now that his retirement
Cant wait for the next chapter. Interesting times.
I agree with Michael. Tue had the hardest job in the world. His B&O PLAY idea was brilliant although the outsourcing stripped some of those products of reliability/quality control.
Tue certainly came into that job with real drive and determination. It's a little worrying that even such a talented guy as him couldn't really turn the company around.
Paul W:I agree with Michael. Tue had the hardest job in the world. His B&O PLAY idea was brilliant although the outsourcing stripped some of those products of reliability/quality control. Tue certainly came into that job with real drive and determination. It's a little worrying that even such a talented guy as him couldn't really turn the company around.
Jowus, I totally agree with you. I'd rather have everything made in Europe especially in places that are struggling financially.
To me, when a company chooses to assemble/make in China, it's for one reason only - pure greed and it's slave labour. Long at Apple for example - a company that's lost its vision and operates solely now for pure greed. People aren't aware of the 'real life' in China. They see these corrupt billionaires in magazines/newspaper and think the whole country is like that. I played basketball with many students from China studying over here for their masters and their stories of many not able to buy food etc is terrible. Especially when some Chinese billionaire gloats about his collection of vulgar Bentleys.
For me, outsourcing to China stripped B&O of its soul and DNA. But, we make the decision - we either buy into it or we do not. When I buy clothes, cycling gear etc, I always check were they are made - for clothes Italy etc. For T shirts I buy organic cotton and I support organic farming for my choice of diet/nutrition. As you see, we as buyers control it. Some people aren't bothered and you'll see that on this forum where they cannot stop spending and probably have half of China's products in their homes, whereas some, are more selective.
Don't be too confident BeoBoy. Henrik is no different from any other CEO with greedy little shareholders. He's a businessman in 2016 and that just about says it all sadly!
Paul W:Don't be too confident BeoBoy. Henrik is no different from any other CEO with greedy little shareholders. He's a businessman in 2016 and that just about says it all sadly!
Well, I think Tue had the drive and the passion. Beoplay was a great idea, I do see a lot of BeoPlay headphones in London now... but I am not sure about the design of their various beoplay speakers. I wouldn't buy any of them.
He didn't have it easy as when he joined, the portfolio was all over the place with only a few Beonet products, lots of old ML products and plenty of BeoPlay docks you couldn't link at all.
Currently the portfolio is finally more consistent, everything can be linked digitally and wirelessly. Their TVs are still far too expensive and laking behind in term of specs, compared to the competition, but that's going to change soon with the BeoVision 11 replacement (4K with same design) and the V1 Replacement, and the production by LG.
His main error (from what I understand) is that he slowed down the transition to focus on BeoPlay, which meant that the portfolio has remained terrible for too many years.
Hopefully Henrik Clausen will get what the company is about....
Beoworld app with direct photo upload and emoticons.
Sad day for B&O in my opinion.
Looking at the new guy's resume, I am not very impressed. He looks like a shareholder's wet dream to me... But I hope I am proven wrong. I just hope B&O will be around
At least Tue had passion, vision and (obviously tried hard) to made things happen. B&O Beoplay was a great move. Tue took control of a collapsing company that outlived its products. All that was left was its legacy and the client's goodwill.
The world has changed, the way we experience music has changed and now B&O is slowly getting there as well.
About the question of manufacturing in Europe or China. Well, the fact is that no electronic components are manufactured in Europe anymore, so it is just silly to expect that all products should be fully made in Denmark. That being said, I agree that final assembly and quality control for the high end B&O needs to be in Europe. The premium price should make this still viable.
I think in the last couple of years plenty of innovative and iconic pieces have been produced. The A9, beolab90, beolab18 ...nothing much like it out there.The new beosound35 looks great and to be honest, covers more than what most of us will need in a modern integrated 2016 music system.
I agree guys. Tue had passion for the brand. He worked hard. When he tok over, the company was stuck in the early 1990s! The world was buying iPods and B&O were hoping that everyone would still buy a CD etc. People were buying sound docks in 2003 and yet it took B&O until Nov 2010 to release one. Tue changed that. He brought the company into NOW. Launching PLAY was the best move ever for B&O especially when the beautiful David Lewis had left this world.
PLAY is certainly getting there - the A1 is truly exciting, their website is pretty perfect and their social media is good. Customer service needs to be premium now. But it's clear that Tue has introduced new blood and ideas to the company. The new A1 video shows Jacob, their Concept Manager. Age wise, he looks fresh out of university - just what is needed as he'll of grown up in the digital evolution.
I think Tue showed real guts with his drive for a truly under water ship - it had past sinking. My only regret and sadness is the many people in Denmark who lost their jobs. I feel that many were very proud to work for the Danish company.
We should not forget, that what we will see in the next months/year has been created with Tue having the leading role.
It will be much easier for Henrik Clausen to take over, than it was for Tue, as he started.
It was wise to focus on B&O Play - the transision on the video site would not have been possible earlier.
Yes, the 4K feature was possible - but things like HDR, WCG, HFR, new generation tv-tuners, mature SmartTV platform etc, etc are just starting off now.
Absolutely MM. It was Tue that was flying all over the world to make relationships. I believe that earlier on in his role, he even met the second in command at Apple to bring good relations. All the new guy has to do now is bring in the money. Tue has probably done/written all of the work for the next five years of the company.
Paul W: Absolutely MM. It was Tue that was flying all over the world to make relationships. I believe that earlier on in his role, he even met the second in command at Apple to bring good relations. All the new guy has to do now is bring in the money. Tue has probably done/written all of the work for the next five years of the company.
Tue met with Phil Schiller at Apple in Cupertino, CA.
http://www.apple.com/pr/bios/philip-w-schiller.html
Thanks Linder. Probably one of the nicest guys at Apple!
Paul. 'sounds like you've dealt with these Apple and B&O chaps?
Beo Century ,Beoplay V1, Beocenter 6, Ex-Beolit 12, Beotime , A8. Beolit 15 , Form 2i , Beolab 2000, Beoplay A3.Beosound 1
I've met a few from Apple over the years whilst in radio - I don't need to say any more on a forum. Sadly I've never met Tue.
I believe Tue did a really good job in difficult circumstances at B&O. The play concept was brilliant and other products such as BL17,18,19 and the Avant were excellent additions to the portfolio. Sure there were some less successful items but on balance his contribution was very strong indeed.
Its easy to dismiss his contribution as "cut costs and outsource to China". But these are vital parts of a business manager's armoury.
Financial performance improved too but there is still a job here to continue. I have no idea about the new guy but the rest of the Board must think he is the right nan for the job. I wish him every success. and Tue also.
Two words ; iconic and exploit.
Worrying words I guess.
Are you not impressed Simon? It would be lovely if they could find a CEO who truly and ultimately knows, follows and loves the brand but maybe that kind of person would take the brand too personal to make a good CEO?
Actually this could be bad news for B&O. The new guys from a evil telecommunications business. Oh my days!
Paul W: Worrying words I guess. Are you not impressed Simon? It would be lovely if they could find a CEO who truly and ultimately knows, follows and loves the brand but maybe that kind of person would take the brand too personal to make a good CEO?
They need to follow the lead of car companies who let design Chiefs act as brand ambassador ; Ian Callum and Marek Reichmann travel around meeting with press and customers and not the money guys who'd simply remind people that the company is after their cash. Instead B&O use a variety of consultant designers to create stuff that's made in PRC or Czech .
Indeed.
Hence the (non) optimism in my earlier post...... I honestly think that we're ending up within one year with 6,99$ B&O branded crap for sale in every supermarket.Within 2/3 yrs All factories in Europe closed, all production moved to China or Malaysia.
Henrik has more than 10+yrs in the telecomm. business, which is totally different. I hope he sees his new job as a new REAL challenge in his life and not just the usual new ceo crap with big plans, and big good bye bonus after a few years with nothing worthwhile accomplished !
Again.. it's up to him to prove me wrong at this point and sincerely I hope I am!!!
Sadly, I think this is human nature for many. I simply do not think it is 'real' like starting up your own business like indeed BANG and OLUFSEN did in the early 1900s and working your darn hardest with all of your energy to make it grow.
That's why you don't make the ruthless CEO the figurehead. Tue seemed to be a product man but the new character has been dealing with data as a product? Will he reverse or exploit the LG arrangement that his predecessor set up so recently?
True BillC but until a few years ago, China had no expertise at producing quality goods and much of it to this day has very very poor quality control unless you are one of the big boys like Apple who dictates everything. I guess Japan was very much THE electronics place until China. Judging by the way these companies in China treat their workers, it makes it hard to think that they really care what they are producing. Like I say though, if you don't like it, simply don't buy it, invest your hard earned money into something else :)
BillC:I wish Tue all the best. He definitely tried and gave it all he could. I remember the Saab cars, they were horribly unreliable but made in Europe. The Alfra were not any much better.
I remember the Saab cars, they were horribly unreliable but made in Europe. The Alfra were not any much better.
Saab owner for many many years..... last petrol Saab 9-5 did 250k miles with only the failure of one drive belt idling wheel.
Diesel models, like other makes, less reliable post 2007 after new emission requirements introduced swirl valves, EGRs and particulate filters. BMW's had catastrophic engine ingestions of swirl valves. At least B&O didn't have to cope with imposed standards pushing technology beyond manufacturing capabilities.
Graham
I read this news as the following:-
1. Tue is a turnaround man. That is his CV both before and probably after B&O.
2. He has probably felt that he has stabilised the company to the terms of his original remit.
3. Tue may not have been able to garner a sufficient quality of new investor and with no new money coming in.....it is time to retreat with honours.
4. It may be that the failure of the merger/controlling share play from Sparkle/Twinkle (or whatever - the Chinese Co.) may have placed him at odds with the remainder of the Board/Chairman. Time to go if your vision is compromised.
5. The Board/Chairman may think the Company is stable enough it can revert back to form. Tue's vision is again compromised.
6. Henrik may be able to bring more new connections/new shareholding from better quality sources in China. Particularly in the Chinese telecommunications industry.
Personally, I don't give two-fifths who is the CEO or if the equipment is made in China/Malaysia/Indonesia etc....These countries can make any electronic component you want - either to a price or to a specification. If Chinese manufactured anything is cr@p....then it is because someone somewhere wanted it that way. Not the Chinese fault. Finger Western Bean-Counters or Procurement Managers is you want to apportion blame.
My sole interest in B&O is that they continue to make quality products that I want to buy. Period.
Mr 10Percent:I read this news as the following:- 1. Tue is a turnaround man. That is his CV both before and probably after B&O. 2. He has probably felt that he has stabilised the company to the terms of his original remit. 3. Tue may not have been able to garner a sufficient quality of new investor and with no new money coming in.....it is time to retreat with honours. 4. It may be that the failure of the merger/controlling share play from Sparkle/Twinkle (or whatever - the Chinese Co.) may have placed him at odds with the remainder of the Board/Chairman. Time to go if your vision is compromised. 5. The Board/Chairman may think the Company is stable enough it can revert back to form. Tue's vision is again compromised. 6. Henrik may be able to bring more new connections/new shareholding from better quality sources in China. Particularly in the Chinese telecommunications industry. Personally, I don't give two-fifths who is the CEO or if the equipment is made in China/Malaysia/Indonesia etc....These countries can make any electronic component you want - either to a price or to a specification. If Chinese manufactured anything is cr@p....then it is because someone somewhere wanted it that way. Not the Chinese fault. Finger Western Bean-Counters or Procurement Managers is you want to apportion blame. My sole interest in B&O is that they continue to make quality products that I want to buy. Period.
BeoNut since '75
Interesting graphic from Danish Business paper!
http://www.b.dk/upload/webred/bmsandbox/uploads/2016/04/f6fc15b8d9f40a99b994f449c519d746.png
@Mr 10Percent
Both Tue and the board (Ole Andersen) have stated that the decision for Tue to stop was made months ago (from himself). Thus there can be no connection between a 'failure' of closing the deal with the chinese investor.
On the contrary - it seem a good time now for Tue to leave after the important cooperation deal with LG has been made.
However, we won't know (yet) what will be the main task for the new CEO - to keep on searching for investors or to reorganize/make more cooperations with external partners in order to keep the company independent......