Primaloft has confirmed rumors about its separation from its long-time managing director for Europe and its recently appointed president of licensing, Jochen Lagemann, as of May 31. A spokesman for the ingredient brand said that Lagemann’s departure was triggered by the economic impact of the coronavirus pandemic, which has forced the company to reassess its licensing business. As a result, the responsibilities for the global licensing business unit and the European management have changed. All licensing inquiries will be handled by Primaloft’s vice president of licensing, Bob Sameski. The manangement of Primaoft’s European operations will be performed by the company’s chief financial officer, Tom Seaver. Furthermore, Michael Jakob, vice president of business development for outdoor sports and athleisure in Europe, has left the company together with Lagemann.
After working for W.L. Gore & Associates as sales and marketing manager in charge of sports for seven years, Lagemann built up Primaloft’s European and Asian business over the past 10 years. He had recently started to develop a broader licensing strategy for Primaloft. It is difficult to predict what consequences the departures of Lagemann and Jakob will have for Primaloft’s European business, which was greatly influenced by the two managers. Lagemann is listed as a speaker at the upcoming digital conference Ispo Re.Start Days in Munich.
Founded in 1983, Primaloft was acquired in 2017 by a U.S. investor group led by a private equity firm, Victor Capital Partners, in partnership with Allstate Corporation, the largest publicly held personal lines insurer in the U.S. To justify general cost cuts and layoffs as a consequence of the Covid-19 pandemic, Primaloft’s president and chief executive, Mike Joyce, said that the past months have been the most turbulent in 70 years. “The Covid-19 virus created an unprecedented effect on our lives and economies. We, along with many of our brand partners, have been significantly impacted by the virus. We have all been forced to reassess the reality of the economic downturn and adjust our businesses accordingly.” As a result, the company has been forced to downsize and restructure the organization ”to protect and strengthen our core business.” He stressed that these measures “are in no way a reflection on the great work performed by those who are leaving the company.” He emphasized that Primaloft will continue to develop innovative technologies and that it is a good thing that his company will emerge from the crisis in a strong position.