Pierre Verrier has been dismissed as president and chief executive of Logo for mysterious reasons. He has sold his minority stake in the company, which he acquired after joining it in September 2008. The company's majority shareholder from the transportation sector, François André, has named a new general manager, Richard Vives, and a new chairman, Pascal Brouard.
The departure of Verrier, who is now considering various options for the future, doesn't seem to be related to the company's results. He managed to bring the company back to a profitable level as of 2010, although the process took apparently longer because of the recent economic crisis.
Among other things, he was responsible for the shutdown of Logo's former head office at Joinville, the centralization of operations in Paris, and at Morez, in the Jura region of France, and the reorganization of the U.S. subsidiary.
He recently extended Logo's important license with Tag Heuer. Other important licenses held by the French company are Fred, Salomon, Harry Potter and Naf Naf.
The company's sales increased to €55 million in 2010 and are expected to reach €60 million for 2011.