Mar 18, 2008
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Hugo Boss supervisory board chief steps down early

Mar 18, 2008

FRANKFURT, March 18, 2008 (AFP) - German fashion retailer Hugo Boss said Tuesday March 18th that the head of its supervisory board would leave, with the news coming just a few weeks after the departure of its managing board president.

"I had planned to resign my post owing to a series of other commitments," said Giuseppe Vita in a statement to the stock market.

Vita, who has sat on the board since 2000, will give up his post on June 30. His contract was originally set to run until 2010.

The news of his pending early departure was first given by the economic weekly WirtschaftsWoche which said it was another example of growing opposition to policies imposed by British investment fund Permira.

Managing board chief Bruno Saelzer had resigned in February owing to "differences of opinion" on how to run the company.

Permira, which gained control of Hugo Boss last year via the Italian group Valentino, pressured managers to pay a sharply higher dividend with the 2007 results.

It amounted to 1.45 euros per share, plus a special dividend of 5.0 euros per share, and was approved by a general assembly over which Vita had presided.

He agreed to remain until the end of June to allow the company time to find a replacement, the statement said.

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