In the wake of the announcement that its chief executive and its chairman were resigning, Esprit's share price dropped, prompting the Hong Kong company to suspend trading on Wednesday. The CEO, Ronald van der Vis, is leaving for personal reasons on or before July 1. With him, also Hans-Joachim Körber, the chairman, is taking leave as well. After the announcement, the prices of the shares fell by 23 percent to 10.36 Hong Kong dollars (€1.06-$1.33). Since last autumn, the company has been undergoing a reorganization in which it has exited its North American business, exited the retail business in Spain, Denmark and Sweden, and closed down under-performing stores worldwide. It is focusing instead on expanding in China and on new strategies for branding and sourcing.
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