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Reuters
Published
May 8, 2013
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Richemont appoints new heads to Montblanc and Jaeger brands

By
Reuters
Published
May 8, 2013

ZURICH - Luxury goods group Richemont has appointed new chief executives to two of its brands, naming Jerome Lambert as head of its Montblanc pens business and Daniel Riedo at the Jaeger-Le Coultre watch manufacturer.

Richemont said in a statement current Montblanc chief executive Lutz Bethge would be appointed non-executive chairman of the brand but would step down from operational business on June 30 after 23 years in various roles at the firm.

Jerome Lambert is moving from Jaeger-LeCoultre to Montblanc

He will be replaced by Lambert, currently Jaeger-LeCoultre boss, effective July 1. Riedo, currently industrial director of Jaeger-Lecoultre, will succeed Lambert as head of the high-end watch maker.

Richemont appointed two veteran managers as joint chief executives in November, to help founder and controlling shareholder Johann Rupert steer the group through a period of slowing sales growth in its important Asian markets.

Richemont said last month full-year profit would beat expectations, easing fears about the slowdown in demand for in Asia. It publishes full earnings on May 16.

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