(Bloomberg) -- The Danish jewelry company that's been criticized by analysts for a lack of transparency is stepping up its focus on communications with a new hire.
Pandora A/S, which has been the target of a selloff led by U.S. hedge funds, named Mads Twomey-Madsen as its head of communications, starting Feb. 1. He replaces Kristian Lysgaard, who left in August, the company said in an emailed note on Wednesday.
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The decision reflects Pandora's effort to achieve “an increased professionalization of our communications,” Chief Financial Officer Peter Vekslund said in the statement. The appointment will ensure the company is able to get its message across to market participants both inside and outside Denmark, he said.
Pandora has lost about a third of its market value this year after hedge funds shorted the stock and analysts complained the company's sales development was hard to predict, based on its public communications. More recently, some hedge funds have started to reverse their bets against Pandora, helping the share price recoup some losses.
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After opening lower on Wednesday, Pandora shares were trading 0.3 percent higher as of 9:44 a.m. in Copenhagen. Twomey-Madsen comes from Novozymes A/S, the world's biggest industrial-enzyme maker. Shares in Novozymes have added almost 40 percent this year.
To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net.
To contact the editor responsible for this story: Tasneem Hanfi Brögger at tbrogger@bloomberg.net.
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