The managers of all of Richemont’s different brands will report to the company’s board.
Richard Lepeu, CEO of Compagnie Financière Richemont, will retire next year—and in a surprise, the board is eliminating the job entirely.
“One individual cannot be held responsible, it’s unfair,” chairman Johann Rupert, who formerly held the CEO role, told Bloomberg. “We will never have a similar CEO again.”
Instead, in a major organizational shift, the managers of all of Richemont’s different brands will report to the company’s board.
