June 1, 2018 / 1:34 AM / a year ago

Samsonite's shares set to rise 7.8 percent as CEO steps down

FILE PHOTO: A Samsonite suitcase is displayed at a store in Hong Kong, China March 14, 2017. REUTERS/Bobby Yip/File Photo

HONG KONG (Reuters) - Shares of Samsonite International (1910.HK) were set to rise 7.8 percent in resumed trade on Friday after it said it had replaced its chief executive following a short-seller attack that caused the firm’s shares to plunge.

The world’s biggest luggage maker said on Friday it had replaced under-fire Chief Executive Ramesh Tainwala with Chief Financial Officer Kyle Gendreau, who would take the helm with “immediate effect”.

Samsonite’s shares were set to open up nearly 8 percent at HK$29.00.

Reporting by Anne Marie Roantree; Editing by Edwina Gibbs

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