Executive changes shake up Richemont: Co-CEO retires, Cartier’s CEO gains weight at Board

Compagnie Financière Richemont SA has announced a handful of changes to its executive team. The Swiss luxury goods group has made public that Bernard Fornas will retire from his current role as Co-Chief Executive Officer with effect from 31 March 2016.

Fornas will also retire from Richemont’s Senior Executive Committee and the Group Management Committee. However, from 1 April, Mr Fornas will continue to serve on the Board of Directors as a Non-Executive Director and will serve on its Nominations Committee. He will stand for re-election by the shareholders at the next Annual General Meeting (‘AGM’).

Johann Rupert, Chairman of Richemont, commented the news saying: “Bernard Fornas has contributed hugely to the development of Cartier, and latterly the larger Richemont group, over the past 22 years. Through his understanding of luxury, his leadership skills and his keen eye for detail, he has been a major figure in the significant growth that the Group has enjoyed over the past decade. As the luxury goods domain evolves around us, Richemont’s Board is delighted that Bernard has chosen to serve Richemont’s shareholders for many more years to come.”

On a related note, Richemont has also advanced that Cyrille Vigneron, Chief Executive Officer of Cartier, will become a member of the Senior Executive Committee with effect from 1 April 2016. He will continue to be a member of the Group Management Committee. As previously announced, Vigneron will stand for election to the Board of Directors at the next AGM.

Meanwhile, Alain Dominique Perrin will not be standing for re-election at the next Annual General Meeting yet he will continue to serve as a member of the Board of Directors and of its Nominations Committee until that date.

Finally, Richemont also announced the nomination of Jeff Moss for election to the Board of Directors. His appointment is subject to the approval of the shareholders at the next AGM. Moss will serve as a Non-Executive Director and become a member of the Board’s Nominations and Strategic Security Committees.