Danish jewelry-maker Pandora A/S said Aug. 9 that Anders Colding Friis has resigned as president and CEO of the company, effective Aug. 31.

The news follows Pandora's recent announcements that it lowered its revenue and EBITDA margin guidance for full-year 2018 and will cut 397 jobs as part of organizational changes to streamline operations and protect profitability.

Pandora also announced Aug. 9 the appointment of Jeremy Schwartz as chief operating officer, effective Sept. 1.

Previously, Schwartz was CEO of The Body Shop and held senior positions at different multinational companies.

Schwartz and Pandora's Chief Financial Officer Anders Boyer will jointly lead the company until the appointment of a new CEO.

Pandora said it also intends to add to its board of directors as part of a move to strengthen its leadership team.