Richemont, the owner of Cartier jewellery and IWC Schaffhausen timepieces, unveiled the most sweeping management overhaul in years in response to plunging sales of luxury watches and leather goods. CEO Richard Lepeu, 64, and chief financial officer Gary Saage, 56, will retire next year, eight directors will step down and new managers will lead watchmaking and operations, the Swiss company said on Friday. The CEO role would be abolished, with brand chiefs reporting directly to the board, chairman Johann Rupert said. Investors welcomed the move, sending the stock up as much as 7.8% in Zurich despite a 43% plunge in first-half profit. "One individual cannot be held responsible, it's unfair," Rupert said, referring to the roughly three-dozen units that make up the sprawling company. "We will never have a similar CEO again. Now it's time for us to start looking at another generation." It's the biggest shake-up at Richemont since 2009, when Rupert returned for a third spell as CEO to stee...
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