The company promoted its COO.

Geneva-based Richemont, parent company of Cartier and other luxury brands, has named Jérôme Lambert, currently group chief operating officer, as group CEO.

The appointment is effective immediately.

The announcement represents a reversal for the company, which said in November 2016 that it would no longer have a CEO. that statement came as then-CEO Richard Lepeu planned to retire. The company said Lepeu would not be replaced, and instead it would implement a new structure.

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

In a press release Monday, Richemont stated: "Jérôme’s new role sees him taking responsibility for the Group’s future growth at a time when consumer habits are changing significantly. As we position the Group to meet these challenges, he will lead the development of strategic plans reflecting the long-term objectives and priorities established by the Board."

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