Compagnie Financière Richemont SA, Richemont for short, is making high profile changes to four of its subsidiaries according to a story by Bloomberg. According to the report the CEOs of Dunhill, Jaeger LeCoultre, Piaget and Vacheron Constantin will be stepping down from their roles in the near term.
Piaget’s Philippe Leopold-Metzger and Vacheron Constantin’s Juan-Carlos Torres have led their brands for 17- and 12-years respectively, and will become non-executive presidents. Daniel Riedo, CEO of Jaeger LeCoultre, will leave Richemont when he steps down (he served as CEO for three years), while Dunhill’s Fabrizio Cardinali has already moved on from his role as CEO.
Chabi Nouri, who presently oversees Piaget’s marketing and communications will take on the top job (read our story here), while Vacheron Constantin will be headed by Louis Ferla, the brand’s current Director of Sales and Marketing. The top job at Jaeger LeCoultre will be filled at a later date, the brand will be led in the interim by Georges Kern, head of Richemont’s watch division. Dunhill meanwhile is being headed by former Burberry executive Andrew Maag.
Considering the challenging market conditions for luxury watches, we suspect that there will be other changes implemented by Richemont, and by other luxury brands and conglomerates over the course of the year.
Read the original Bloomberg story here.