Richemont under pressure over restructuring of reporting lines
The CFO of the luxury brands group will report directly to the board, instead of to the incoming CEO
The conference call held last week for luxury brands group Richemont’s latest results was at times surprisingly tense. This tension was especially noticeable when CFO Burkhart Grund had to field questions on why incoming CEO Jérôme Lambert would not be responsible for the whole group. Under the new structure Grund will not report to Lambert but directly to the board. Lambert, the former COO who started his new job in September and filled a position left empty since the retirement of Richard Lepeu in March 2017, was not on the conference call. The revised Richemont structure will also see subsidiaries Cartier and Van Cleef & Arpels not reporting to Lambert but rather having their CEOs report directly to the board. Grund said Cartier and Van Cleef & Arpels had strong management teams and could give real insight to the board as they were “ahead of the curve” when it came to what the market was looking for. Grund underlined this point by noting how a change in Cartier’s leadership two a...
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