With Richemont Chairman Mr. Johann Rupert’s announcement today of the departure of Georges Kern, Head of Watchmaking, Marketing and Digital, it appears that 2017 is proving to be a year of much activity in the upper echelons of the Richemont Group.
Earlier this year we reported about Richemont management changes (click here). There were the retirements of CEO Richard Lepen, CFO Gary Saage, and eight Board members, the abolishing of the CEO position, and a new structure in which the heads of brands would report directly to Board and Executive Chairman Johann Rupert. The vacant positions on the Board were be filled by four existing Richemont executives, then IWC CEO Georges Kern would become Head of Watchmaking, Marketing and Digital, and Montblanc CEO Jérôme Lambert would be Head of Operations and everything excluding jewellery and watches. The Deputy Financial Officer Burkhart Grund became Chief Financial Officer.
Until today’s announcemnt, Georges Kern had been interim CEO for Jaeger-LeCoultre since March, replacing Daniel Riedo. Geoffroy Lefebvre, previously managing director of operations for Vacheron Constantin, became Deputy CEO of Jaeger-LeCoultre as a result of these management changes.
According to a report in today’s Le Temps, Georges Kern purchased a stake in Breitling. At the end of April 2017, a majority stake in Breitling had been sold by the Schneider family to private equity fund CVC Capital Partners (click here for details).
With the news of this still unfolding, there will no doubt be some more press releases to come about these developments.