Cartier Parent Will No Longer Have a CEO

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.

Read more at the Wall Street Journal |

Bloomberg |

Richemont