Cote will continue his position as chief operating officer and vice chairman of the board through June
Rick Cote, the chief operating officer and vice chairman of Movado Group, will retire in June after 16 years with the company.
He will continue to serve as a nonmanagement member of the board of directors.The company has announced that it will not replace the chief operating officer position.
“On behalf of Movado Group’s entire board of directors, I would like to recognize Rick’s significant contributions to the company, and his commitment to both Movado Group and our shareholders over the past 16 years,” said CEO Efraim Grinberg in a statement. “Rick has been instrumental in developing the platform in place today and has helped drive our growth and profitability. We are pleased that Rick will continue to serve as a member of the board and remain involved in helping us evolve our strategies and continue on a path of sustainable profitable growth. We wish him well in his retirement.”
Cote also issued a statement: “My career at Movado Group has been rewarding and an extremely enjoyable learning experience. I am very pleased with the strong position Movado Group enjoys today in the watch category including its sustainable profitable growth performance, world-class global infrastructure, record level share of market, exceptionally strong balance sheet, inspiring culture and, of course, its talented global team of employees. I retire convinced that we have the team and resources to continue delivering new sustainable levels of performance. I am appreciative of the opportunity to remain on the board of directors, continuing to provide advice and strategic guidance to our talented management team.”