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Pandora Appoints Paulo Garcia as New CFO
Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
Paulo Garcia will step into the role of chief financial officer at Pandora on Dec. 1.
Copenhagen, Denmark—Pandora has appointed Paulo Garcia as its new chief financial officer.
Anders Boyer, who is currently in the role and has been with Pandora for more than 14 years, will retire on Nov. 30, writing on LinkedIn that he will “step back from executive life later this year and begin a new chapter focused on non-executive board roles.”
Garcia will start at Pandora on Oct. 1 and assume the role of CFO on Dec. 1.
Boyer will remain with the company until March 31, 2027, to support the handover and ensure a seamless transition, Pandora said.
Garcia, a Portuguese national, has 25 years of international executive experience leading consumer goods companies across Europe and Latin America.
He most recently was CFO at Walmart Mexico & Central America (Walmex), a separately listed subsidiary with $50 billion in revenue and 240,000 employees.
Prior to that, he was CFO, Europe & Indonesia for multinational retail company Ahold Delhaize and CEO, Europe for consumer goods group Unilever.
Pandora board chair Peter Ruzicka said the board worked closely with CEO Berta de Pablos-Barbier on “robust succession planning.”
“I want to thank Anders for his incredible contributions to Pandora during the past 14 years, and I wish him all the best in his next chapter as he retires from executive life,” Ruzicka said.
Related stories will be right here …
Anders Boyer, who is currently in the role and has been with Pandora for more than 14 years, will retire on Nov. 30, writing on LinkedIn that he will “step back from executive life later this year and begin a new chapter focused on non-executive board roles.”
Garcia will start at Pandora on Oct. 1 and assume the role of CFO on Dec. 1.
Boyer will remain with the company until March 31, 2027, to support the handover and ensure a seamless transition, Pandora said.
Garcia, a Portuguese national, has 25 years of international executive experience leading consumer goods companies across Europe and Latin America.
He most recently was CFO at Walmart Mexico & Central America (Walmex), a separately listed subsidiary with $50 billion in revenue and 240,000 employees.
Prior to that, he was CFO, Europe & Indonesia for multinational retail company Ahold Delhaize and CEO, Europe for consumer goods group Unilever.
Pandora board chair Peter Ruzicka said the board worked closely with CEO Berta de Pablos-Barbier on “robust succession planning.”
“I want to thank Anders for his incredible contributions to Pandora during the past 14 years, and I wish him all the best in his next chapter as he retires from executive life,” Ruzicka said.
De Pablos-Barbier said she was “delighted” to welcome Garcia to the company.
“He joins us with an excellent track record and deep financial expertise from senior roles in the consumer goods industry. He combines commercial and financial acumen with a strong focus on people and culture, while also bringing experience in digital transformation and the application of AI across business processes, making him the ideal candidate to further strengthen and build on Pandora’s financial performance,” she said.
De Pablos-Barbier continued, “I would also like to extend my sincere thanks to Anders Boyer for his extraordinary contribution to Pandora’s growth journey and for helping build the strong financial position the company enjoys today. He has been an outstanding CFO for Pandora and a trusted partner to me. On behalf of everyone at Pandora, I wish him every happiness in his retirement.”
Garcia said he is excited and honored to join Pandora as its CFO.
“As the world’s largest jewelry brand, the company represents an attractive and unique business model with industry-leading margins and very high cash generation. The company has significant growth potential, and I look forward to working closely with the whole organization to unlock the next phase of growth under Berta’s leadership,” he said.
Boyer joined Pandora’s board of directors in 2012 and was appointed CFO in 2018.
Together with former CEO Alexander Lacik, he led the company’s financial turnaround in 2019-2020 and established the Phoenix growth strategy in 2021.
During his tenure, he has been a key driver of Pandora’s strategic repositioning and transformation, the company said.
Since 2012, Pandora's revenue has grown by 389 percent, and total shareholder return has exceeded 2,000 percent, it said.
Boyer was recognized as CFO of the Year in Denmark in 2021.
“I leave Pandora with a deep sense of gratitude for the many colleagues I have worked with and immense pride in what we have achieved together. Pandora has undergone a significant transformation and is a very different company from when I joined,” Boyer said.
“I hand over to Paulo Garcia with great confidence, given his strong industry background and track record in global finance. I am certain that he is the right person to help drive the company’s continued growth. I now look forward to retiring from executive life and pursue a non-executive career.”
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