The parent company of Cartier, Chloé and Azzedine Alaïa, among other brands, is abolishing the CEO position as part of the most sweeping management overhaul in years amid plummeting sales of luxury timepieces and leather goods. Richemont Chief Executive Officer Richard Lepeu, 64, and Chief Financial Officer Gary Saage, 56, will retire next year and taking their places will be ... no one.
“One individual cannot be held responsible, it’s unfair,” said Richemont chairman Johann Rupert, 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 shakeup at Richemont since 2009, when Rupert returned for a third spell as CEO to steer the company through the financial crisis," writes Bloomberg. "The decision to do away with a chief executive could consolidate power in Rupert’s hands, and marks a more significant step than other reshuffles the luxury and fashion sectors have experienced this year. Companies that have changed their CEO this year include Burberry Group Plc and Kering SA brands Balenciaga and Bottega Veneta."