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Richemont CEO, CFO to Retire As Profit Plunges

Chief executive officer Richard Lepeu and chief financial officer Gary Saage will both retire next year, as the company reported a decline in first-half profit.  
Source: Richemont
Source: Richemont (Richemont)
By
  • Bloomberg

GENEVA, Switzerland — Richemont, the maker of Piaget jewelry and IWC Schaffhausen timepieces, said chief executive officer Richard Lepeu and chief financial officer Gary Saage will retire next year as it reported a decline in first-half profit.

Deputy chief Financial officer Burkhart Grund will replace Saage, the Geneva-based company said in a statement Friday. Johann Rupert will remain executive chairman.

Operating profit fell 43 percent to €798 million ($885 million) in the 12 months through September. Last month, the company estimated a 45 percent decline, and analysts had predicted €765 million.

Ebbing demand from Asia to the US has weighed on the Swiss watch industry, exacerbated by slowing tourist flows to Europe following terrorist attacks. The Swiss watch industry is suffering its longest slump in exports since monthly records began in 1988.

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By Corinne Gretler; Matthew Boyle, Thomas Mulier and Paul Jarvis.

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