The former CEO “lost control of the company,” a report says
Endless is now founder-less.
Jesper Nielsen, the former Pandora executive who founded and once headed Endless Jewelry, has sold his shares and left the company.
Nielsen tells JCK that he is “ready to pursue a vision that could mean a revolution in our industry.”
The Danish Broadcasting Corp. reported that Nielsen’s exit “is the culmination of a long process in which he and his family gradually lost influence.”
In particular, the former CEO and the new owners clashed over his offers of generous returns for retailers, the report said.
“This has made it hard for the other Endless firm to have an overview of Endless’ stock and financial accounts,” it said.
In June, the company installed Paul Moonga as its CEO.
In a statement Moonga said: “Over the last couple of weeks, I, together with the board of directors and our major investors, have had some very constructive and positive discussions with Jesper Nielsen in regards to Endless Jewelry’s future. As a consequence of these discussions, Jesper has decided that he would like to dedicate his focus to other business activities, and we have agreed with him that it is time to end our collaboration.”
In a Facebook post, Nielsen indicated that he no longer felt in charge in the company.
“I have the utmost respect for our investors, and when I leave now, it is not out of anger or frustration, but merely a matter of realizing that I am at my best when at the end of the table, making the calls,” he says. “This is where I create the most value for a company, and this is where I thrive. At the same time, it is only logical that my co-owners, who have invested heavily in the Endless brand want a say in the direction and strategy, and as such, over the past 6–9 months I have gradually moved away from the day to day management.”
He added not much will change at the company.
“I have not been a part of the daily business and sales for more than half a year, and as such, my leaving does not change a lot for the business,” he said. “Endless will continue in the direction set, and I am confident that the ownership will make the right decisions to take our fast growing child, who is now an adult, to the next level.”
Prior to joining Endless, Nielsen headed Pandora’s Central and Western Europe division. He later wrote a book about the experience.