Headlines

Cartier Parent Will No Longer Have a CEO

The CFO is retiring, also.

Published

8 years ago

November 8, 2016

INSTORE Staff

Richemont, the Geneva-based parent company of Cartier and other luxury brands, announced that it will no longer have a CEO.

Richard Lepeu, the current chief executive, will retire effective March 31.

Lepeu, 64, will not be replaced. Instead, the company is implementing a new structure.

The Wall Street Journal explains: “Top executives at Richemont luxury brands, which include Cartier, Montblanc and IWC Schaffhausen, will report to the board, led by Executive Chairman Johann Rupert.”

Gary Saage, chief financial officer for Richemont, will also retire, effective July 31. Burkhart Grund, currently deputy CFO, will step into the CFO role.

Bloomberg notes that eight board members are also stepping down.

“The changes we have proposed today will strengthen the Group’s ability to respond to the dynamic markets in which we operate, especially in the developing field of digital marketing and e-commerce,” Rupert said.

Bloomberg |

Richemont

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”