Richemont resurrects the role of CEO
In November of 2016, luxury giant Richemont, known for brands like Cartier and Van Cleef & Arpels, decided that CEOs were out of fashion. Two years later, it’s going for a retro look and resurrecting the role, appointing long-time executive Jerome Lambert. Lambert, currently the group’s chief operating officer, has been with Richemont for 19 years, and has served in a number of senior positions across Richemont’s brands.
News of Lambert’s appointment sent Richemont’s share price up on Monday
SOURCE: Yahoo Finance
Lambert’s promotion comes at a good time. Richemont is currently spearheading a massive transformation as it attempts to build a digital powerhouse through the acquisition of Yoox-Net-a-Porter (YNAP) and pre-owned timepiece seller Watchfinder. On the one hand, a CEO will provide the right kind of strategic oversight and clear accountability to give this project its best chance of success. On the other, it should reassure investors that the company is not losing sight of its core business in exchange for digital capabilities.
Lambert will be supported in his role by chairman Johann Rupert, who made the following comment over the appointment:
“Jérôme’s new role sees him taking responsibility for the Group’s future growth at a time when consumer habits are changing significantly. As we position the group to meet these challenges, he will lead the development of strategic plans reflecting the long-term objectives and priorities established by the board.”
Dominion holds Richemont in its Global Trends Luxury Fund.
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