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Johann Rupert to assume Richemont CEO position

November 13, 2009

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Geneva-based luxury good makers Compagnie Financiere Richemont SA announced today that Executive Chairman Johann Rupert, Richemont's leading figure and a member of the controlling family, will also act as Chief Executive Officer as of April 2010, replacing Norbert Platt who will step down for health reasons.

Executive Chairman Rupert's assumption of the additional role of CEO has been anticipated by some analysts, as he has held the position in the past. But there has also been speculation that other executives such as Chief Financial Officer Richard Lepeu, Cartier head Bernard Fornas, or Jaeger-LeCoultre top manager Jerome Lambert may take on the position.

Rupert, born in 1950, said he doesn't plan to stay on "ad infinitum," indicating he would retire once the current economic crisis is through.

"We see the announcement of Johann Rupert resuming the position of CEO as a positive move as he was always responsible for strategy," Bank Vontobel analyst Rene Weber said. He upgraded the stock to buy from hold.


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