Richemont chief technology officer resigns

Swiss luxury goods group, Richemont [JSE:CFR] announced that its chief technology officer resigned, this comes after a management overhaul instituted by the company more than a year ago.

In a note to shareholders on Thursday, Richemont, founded by SA businessman Johann Rupert, said Dr Jean-Jacques Van Oosten stepped down for “personal reasons”.

“Dr Jean-Jacques Van Oosten has relinquished his responsibilities as Chief Technology Officer for personal reasons and has stepped down from the Senior Executive Committee with effect from 2 May 2018,” the notice read.

“We respect Dr Jean-Jacques Van Oosten's decision to pursue his career outside the group and wish him every success in his future endeavours.”

• READ: Four Richemont brand CEOs said to depart as overhaul widens

Richemont introduced changes to its executive model in November 2016, Bloomberg reported. The group did away with its companywide CEO position and instituted a senior executive committee to run Richemont.

In July 2017 the group’s head of watchmaking Georges Kern resigned. Kern bought a stake in rival watchmaker Breitling, Bloomberg reported.

The share price opened at R120.96, and traded down 0.49% at R120.39 by 09:09.

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