The managers of all of Richemont’s different brands will report to the company’s board
Richard Lepeu, CEO of Compagnie Financière Richemont, will retire next year—and in a surprise, the board is eliminating the job entirely.
“One individual cannot be held responsible, it’s unfair,” chairman Johann Rupert, who formerly held the CEO role, told Bloomberg. “We will never have a similar CEO again.”
Instead, in a major organizational shift, the managers of all of Richemont’s different brands will report to the company’s board.
In addition, chief financial officer Gary Saage has announced he will retire on July 31, 2017.
Richemont’s stable of luxury brands includes Cartier, Van Cleef & Arpels, Jaeger-LeCoultre, Piaget, Vacheron Constantin, IWC Schaffhausen, Panerai, and Montblanc.