The times are a-changing at Richemont

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 operations, the Swiss company said on Friday. The reorganisation was triggered by the planned retirements of Mr Lepeu and Mr Saage, it said. Richemont isn't looking for a new CEO, chairman Johann Rupert said on a call with reporters.