PARIS — The changing of the guard continues at Pandora with the appointment of a new chief financial officer.

Paulo Garcia, who is currently CFO of Walmart Mexico and Central America, will succeed Anders Boyer, who will retire from the post on Nov. 30 after over 14 years with the Danish jewelry giant.

A Portuguese national, Garcia will join Pandora on Oct. 1 and take up his new role on Dec. 1, with Boyer remaining until March 31 to support the transition, the company said in a statement on Thursday.

Peter Ruzicka, chair of the board of directors of Pandora, said the appointment follows “robust succession planning” with chief executive officer Berta de Pablos-Barbier, praising the “thorough handover” and thanking Boyer for his “incredible contributions.”

De Pablos-Barbier described Garcia as “the ideal candidate to further strengthen and build on Pandora’s financial performance” thanks to “an excellent track record and deep financial expertise from senior roles in the consumer goods industry,” combining “commercial and financial acumen with a strong focus on people and culture, while also bringing experience in digital transformation and the application of AI across business processes.”

Prior to his role at Walmart Mexico & Central America, a separately listed subsidiary with a revenue of $50 billion and 240,000 employees, Garcia was CFO Europe & Indonesia at Ahold Delhaize. He began his career at Unilever, where he spent more than two decades in senior finance positions, rising up to CFO Europe for the company.

The CEO also extended gratitude to Boyer for “his extraordinary contribution to Pandora’s growth journey and for helping build the strong financial position the company enjoys today,” she continued. “He has been an outstanding CFO for Pandora and a trusted partner to me. On behalf of everyone at Pandora, I wish him every happiness in his retirement.”

Boyer is exiting after steering a major turnaround initiated in 2020 in tandem with then-CEO Alexander Lacik, who retired last year, followed by the implementation of the Phoenix growth strategy since 2021.

Commenting on his upcoming role, Garcia said he looked forward to unlocking “the next phase of growth” of a company he described as “an attractive and unique business model with industry-leading margins and very high cash generation,” with “significant growth potential.”

He joins Pandora as it shifts gears to reaccelerate in the face of strong headwinds by lessening its commodity exposure with the introduction of platinum-plated jewelry while bolstering the trifecta of design, brand and market.

For 2025, Pandora posted revenues of 32.55 billion Danish kroner, or $5.15 billion, up 6 percent year-on-year. The first quarter of 2026 saw the jewelry giant report revenues of 7.11 billion Danish kroner, or 951.3 million euros, a 3.3 percent slip that reflected “lower consumer sentiment in North America” and weakness in Europe.

Pandora is set to publish its second-quarter revenue on Aug. 13.