In an interview with Reuters, Rosen said he did not want to comment on forthcoming wage talks with labour representatives at its PEP division but said "something" needed to be done on the cost side.

"We have to find a way to return to a healthy balance between sales and earnings growth," he said.

The PEP division posted a 21 percent decline in operating profit to 188 million euros (188.01 million pounds) in the second quarter.

($1 = 0.7471 Euros)

(Reporting by Matthias Inverardi; Writing by Marilyn Gerlach; Editing by Maria Sheahan)