Jewellery maker Pandora‘s CEO Alexander Lacik will retire next March after nearly seven years in charge and be succeeded by marketing chief Berta de Pablos-Barbier, the company said on Tuesday in an earlier than expected move.

Pandora’s share price fell 2% by 0931 GMT following the announcement and are down 37% year-to-date as the Danish company struggles with weak European sales, rising commodity prices and U.S. import tariffs.

De Pablos-Barbier, formerly CEO of LVMH‘s champagne brand Moet & Chandon, was hired in November last year as a potential future leader of the group, and was the strongest candidate for CEO, Pandora said in a statement.

Investors had not expected her to take the helm so soon.

De Pablos-Barbier said she would continue Lacik’s long-term strategy of building the company beyond its traditional focus on bracelets to make it a full jewellery brand.

“We have to stay true to what Pandora is. Pandora is an accessible luxury brand,” de Pablos-Barbier told Reuters.

Lacik’s departure is the latest in a series of CEO exits this year at European retail and consumer brands, which included Francois-Henri Pinault at Gucci owner Kering, Laurent Freixe at Nestle, and Debra Crew at Diageo.

De Pablos-Barbier has enjoyed a 30-year career in luxury and consumer goods. Other companies she has worked at include Mars Wrigley, Lacoste and jeweller Boucheron.

“She is the right person to lead our continued growth, and I am pleased that we can maintain strategic focus and momentum during this smooth and orderly leadership transition,” Pandora Chair Peter Ruzicka said.

Pandora’s share price tripled during Lacik’s tenure as CEO, which began in 2019. After a dip in sales during the pandemic, the group’s revenue recovered sharply but growth has been hit this year by weak demand in Europe and the impact on costs of new U.S. tariffs.

The group announced in 2021 that it would stop selling mined diamonds, opting instead for lab-made versions to attract younger shoppers with less expensive stones guaranteed not to have come from conflict zones.