The Rupert family is traditionally stoic in times of stress, and slow to tinker with its investments. But luxury brands conglomerate Richemont got a vigorous shake-up at board level after a poor performance in the half-year to end-September. Details are available in a Sens announcement released last Friday, but the standout development was that CEO Richard Lepeu — one of Richemont’s longest-serving executives — will not be replaced ... so to speak. Richemont executive chairman Johann Rupert argued that Lepeu, who effectively oversees three dozen "Maisons", could not be replaced.In essence, Richemont is doing away with the CEO role, with Rupert, who remains executive chairman, contending it is nonsensical to have a CEO above the CEO of one of the biggest Maisons in the group — referring to Cartier CEO Cyrille Vigneron.It seems the new board, along with newly established advisory boards manned by retiring executives, will function as a collective rather than an old-style leadership hi...
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