With murmurs of an impending CEO reappointment for the luxury behemoth, Compagnie Financière Richemont SA getting louder with every passing second in the past weeks — it absolutely was just the a matter of time before an announcement was made. Here’s how it all went down.
On Friday, the 4th of November (i.e. just yesterday) the Richemont Group published an unaudited financial report documenting its performance in six months that preceded the 30th of September 2016. More on that later.
Along with that report, yet another document was published citing nominated changes in Board of Directors’ and Senior Management appointments, which put forth news that is earth shaking, to say the least.
This second document was the result of the Nominations Committee and Board of Compagnie Financière Richemont SA having met on the 3rd of November, to work through succession planning in light of the Group’s alarming performance figures over the year and as well because of some retirements in the horizon. Some bare facts from the report are as follows: