Richemont’s Big Reshuffle – 4 CEOs Leaving (JLC, Vacheron, Piaget, Dunhill)

This was predictable. After the announcement by Richemont of first shakeups, by abolishing the CEO and CFO roles, by appointing Jérôme Lambert as head of operations, by appointing Georges Kern as head of watchmaking, marketing and digital and already scheduling several drastic actions for the group, it’s now time for the big reshuffle at the head of the brands. The CEOs of Jaeger-LeCoultre, Vacheron Constantin, Piaget and Dunhill will be leaving in the coming weeks.

Today, in a discreet letter on its intranet (as related by letemps.ch), what we were waiting for is now official. Richemont’s Chief Executive Officer Richard Lepeu and Chief Financial Officer Gary Saage have announced the departure of 4 brand’s CEO:

• Philippe Leopold-Metzger (Piaget) – see photo below

• Juan-Carlos Torres (Vacheron Constantin) – see photo below

• Daniel Riedo (Jaeger-LeCoultre) – see photo below

• Fabrizio Cardinali (Alfred Dunhill)

These departures will be effective in Spring 2017. The first two (Piaget and Vacheron) are retiring while the two others (Jaeger-LeCoultre and Dunhill) “have decided to leave”. The names of some new CEOs are already official. At Piaget, the current Marketing Director, Chabi Nouri, will take over. At Vacheron Constantin, it’s also the current Marketing Director, Louis Ferla, that is taking over. For Jaeger-LeCoultre, the situation remains undefined yet and Georges Kern will deputize, before a new CEO will be announced.