Four Richemont brand CEOs said to depart as overhaul widens

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Johann Rupert
Johann Rupert

Zurich - Richemont plans to expand its management overhaul by naming new chief executive officers of four luxury brands including Alfred Dunhill, according to people familiar with the matter.

Andrew Maag, head of Europe, Middle East, India and Africa at UK fashion house Burberry Group, will join as CEO of Dunhill, one of the people said, asking not to be identified as the information isn’t public. Also being replaced are the heads of three watch brands. Jaeger-LeCoultre CEO Daniel Riedo will leave at the end of February for other opportunities, while the chiefs of Piaget and Vacheron Constantin will retire, another person said.

The changes were in the works in November when the Swiss luxury-goods maker eliminated the companywide CEO position, one of the people said. Watchmakers are emerging from their worst year for exports since 2009. Richemont chairperson Johann Rupert has said the company needs to name younger managers who are in tune with what luxury consumers want.

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