Richemont to remove CEO role

Endaba Group

Would your business function without its CEO? Luxury company Richemont has unveiled an unusual overhaul in management. CEO Richard Lepeu will step down in March, and will not be replaced. Top executives at Richemont luxury brands, which include Cartier, Montblanc and IWC Schaffhausen, will report to the board, led by Executive Chairman Johann Rupert. Richemont has been navigating a tumultuous downturn in the luxury market and reported a 51% fall in 6-month profit to €540 million; sales fell 13% to €5.1 billion. In September, Richemont warned profit would be down 45%