Richemont has lost its head of watch making, Georges Kern, to rival company Breitling. Kern’s resignation would have come as an unexpected blow to the luxury-goods company as the top executive was promoted to the position four months ago. Investec Asset Management portfolio manager Samantha Hartard said Richemont had made changes in its leadership structure over the past year. The group CEO and chief financial officer both retired. It then created four operational head roles without the CEO position. "One of those roles was given to Kern — that of watch making, marketing and digital," said Hartard. "This three-way combination did not exist before. Given that a large part of the earnings pressure Richemont faced over the last two years came from watches, this was an important role as the company navigated a tough operating environment." In a short statement released on Friday, Richemont chairman Johann Rupert announced Kern’s departure. "If you compare its tone to the statements he m...
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