He'll leave on Aug. 31.

Pandora announced that its CEO, Anders Colding Friis, is stepping down as of Aug. 31.

The company's board of directors said in a press release that it "would like to thank Anders Colding Friis for his hard work and commitment over the last three and a half years."

Bloomberg notes that Pandora's announcement comes "after a profit warning earlier this week cost it almost a quarter of its market value." It's now projecting sales growth this year of 4-7 percent; early estimates called for growth in the 7-10 percent range.

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Jeremy Schwartz, former CEO of The Body Shop, will join the company chief operating officer on Sept. 1, according to the release. Schwartz and Chief Financial Officer Anders Boyer "will be jointly responsible for managing the Company and leading the execution of PANDORA’s strategy with the full support of the Board of Directors until the appointment of a new CEO."

Peder Tuborgh, chairman of the board of directors, said, “The Board recognises the important role Anders Colding Friis has played in leading the Company and in particular in developing and articulating the right new strategy assuring the future success of PANDORA. Pending the appointment of a new CEO, I am delighted that we have Anders Boyer and Jeremy Schwartz on board to take the lead.”

The company also stated that it "intends to reinforce the Board of Directors with further appointees with relevant business experience in major global consumer and/or retail businesses."

The Danish company said earlier this week it would cut 397 jobs as it seeks to "strengthen commercial functions, streamline manufacturing and shift resources to strategic priorities." Of the employees who are leaving, 218 are in Thailand

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