Torben Ballegaard Soerensen

Bang & Olufsen has named Kalle Hvidt Nielsen as its new president and chief executive, and he will take over the position on Aug. 1, the company announced Tuesday. Nielsen, whose experience is in engineering, was called “an exceptionally experienced business leader on an international level” by the company. He replaces Torben Ballegaard Soerensen, who was let go from the company in January after seven years. How do you like this hire? Talk about it in the Dealerscope forums.

The Danish-based high-end electronics maker Bang & Olufsen let go of its chief executive Thursday, after announcing a cut in profit forecasts, the Associated Press reported. Torben Ballegaard Soerensen, the former business development chief of Lego’s, had been B&O’s top executive since 2001. No successor was immediately named. “The recent year’s disappointing development in the group’s overall turnover, and the regrettable downgrading of the company’s result, has contributed to the board’s decision to make changes within the company’s top management,” the company said in a statement.

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