Four Richemont brand CEOs said to depart as overhaul widens
Analyst say the changes — new CEOs for four brands — will reflect a more nimble and streamlined executive model for the luxury-goods maker
London — Richemont plans to expand its management overhaul by naming new CEOs of four luxury brands including Alfred Dunhill, according to people familiar with the matter. Andrew Maag, head of Europe, Middle East, India and Africa at UK fashion house Burberry, would join as CEO of Dunhill, one of the people said, asking not to be identified as the information was not public. Also being replaced were the heads of three watch brands. Jaeger-LeCoultre CEO Daniel Riedo would leave at the end of February for other opportunities, while the chiefs of Piaget and Vacheron Constantin would retire, another person said. The changes were in the works in November when the Swiss luxury-goods maker eliminated the company-wide CEO position, one of the people said. Watchmakers are emerging from their worst year for exports since 2009. Richemont chairman Johann Rupert has said the company needs to name younger managers who are in tune with what luxury consumers want. The changes would "reflect a more ...
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