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The times are a-changing at Richemont

Swiss watch and jewellery maker reshuffles top execs amid plunging sales, earnings

Published Fri, Nov 4, 2016 · 09:50 PM
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Zurich

RICHEMONT, the maker of Cartier jewellery and IWC Schaffhausen timepieces, unveiled a sweeping overhaul of top management and its board as it grapples with plunging sales of watches and other luxury goods. The stock rose as much as 7.3 per cent in Zurich on Friday.

Chief executive officer (CEO) Richard Lepeu, 64, and chief financial officer (CFO) Gary Saage, 56, will retire next year, eight directors will step down and new managers will take over as head of watchmaking and head of oper…

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