According to reports by Bloomberg and Reuters, four Richemont brand CEOs will be replaced over the coming months. This isn’t the first big Richemont executive news to drop recently, with the conglomerate eliminating the group CEO position and elevating multiple brand CEOs to board positions back in November. The latest changes will effect Dunhill, Jaeger-LeCoultre, Piaget, and Vacheron Constantin.
The CEOs of all four of these brands will be stepping down (though who is doing so voluntarily is obviously a mystery), but only Dunhill is receiving an immediate replacement in Andrew Maag, head of Europe, Middle East, India, and Africa for fashion brand Burberry. Jaeger-LeCoultre CEO Daniel Riedo is leaving at the end of February “for other opportunities,” while both Piaget CEO Philippe Leopold-Metzger and Vacheron Constantin CEO Juan-Carlos Torres are retiring. Both Leopold-Metzger and Torres will remain non-executive presidents, according to Bloomberg’s source. Georges Kern, who ascended to become head of watchmaking for all of Richemont, will act as interim CEO of Jaeger-LeCoultre, though the plan for the other two brands is not yet known.
These are times of change for the watch industry and these are neither the first nor the last shake-ups we expect to see in 2017. Obviously 2016 was a tough year and those at the top of the industry are clearly not sitting back expecting things to get better on their own.
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