Hugo Boss names Ivica Maric CFO and COO after Yves Müller exit

Fashion group Hugo Boss, which is facing a potential takeover, is replacing its chief financial officer. The current incumbent, Yves Müller, is leaving the executive board at his own request and for personal reasons, the SDax-listed group announced in Metzingen on Monday.

Ivica Maric will take over as his successor for the finance department and responsibility for operations as chief operations officer (COO) on October 1. Maric has previously worked in managing day-to-day business. Michael Murray from major shareholder Frasers Group, who was appointed chairman of the supervisory board just under two weeks ago, thanked Müller in the statement and referred to Maric's extensive experience.

Frasers Group continues to seek a majority stake

The British Frasers Group recently failed with a voluntary takeover bid for Hugo Boss. It has, however, significantly expanded its power in the company by appointing Murray to the top position on the supervisory board. Murray is also the chief executive officer (CEO) of the Frasers Group. The major shareholder had previously dropped the former head of the supervisory board, Stephan Sturm. Hugo Boss' management had not supported the takeover bid.

The British company recently held just under 48 percent of Hugo Boss and wants to increase its stake to over 50 percent. Frasers has been trying to take the helm at Hugo Boss since mid-June. The group is majority-owned by British billionaire Mike Ashley. The company's most important and well-known brand is the retail chain Sports Direct. In addition, the company holds numerous stakes, including in the online shop Asos.