| Tue 6 May 2003, 10:51 | | Richemont Securities AG - PRESS RELEASE |
|
Richemont Securities AG
Share Code: RCH
ISIN Code: CH0001609723
PRESS RELEASE
Geneva, 6 May 2003
Richemont, the Swiss luxury goods group, announces that Mr Alain Dominique
Perrin intends to retire as Chief Executive Officer of the Group upon reaching
his 61st birthday in October this year.
Mr Perrin has agreed, however, to continue to perform an executive role within
the Group, with specific responsibility for strategy and marketing issues. In
this capacity, he will remain as a member of the Strategic Product and
Communications Committee and will be nominated to the board of Compagnie
Financire Richemont SA, the Group"s ultimate parent company.
Commenting on Mr Perrin"s decision, Mr Rupert said:
Quote
When Alain came to me earlier this year and informed me that he wanted to retire
in order to have more time to focus on his other business and cultural
activities, I was disappointed but not surprised. Alain has worked ceaselessly
and untiringly as Richemont"s CEO during what has been a very difficult time for
everyone in the luxury goods world. We owe him an immense vote of thanks for his
efforts, not just in his present position but also for the work he has done in
the past, most notably at Cartier.
Alain has been with Cartier and Richemont for over thirty years and has been a
great friend and colleague over that period. He was responsible for revitalising
Cartier, developing its potential and bringing it to the paramount position that
it enjoys today. He effectively became `Mr Cartier" and I cannot speak too
highly of the contribution that he has made to the Group over the years.
Despite his decision to give up the position of Chief Executive Officer, I am
happy to say that Alain has been persuaded to remain with us in an executive
role, albeit one which will allow him more time for his family, his winemaking
and his many other activities. We face challenging times and I will draw heavily
on Alain"s expertise in the years to come. He will work closely with me in
overseeing the strategic marketing activities of our businesses. The board has
invited him to become a director of Compagnie Financire Richemont SA and I am
delighted to say that Alain has accepted that position, which will be subject to
ratification by shareholders at this year"s annual general meeting in September.
Unquote
Mr Perrin commented:
Quote
I have devoted my entire professional life to Cartier and, more recently,
Richemont. The last two years as Chief Executive Officer of Richemont have been
amongst the most challenging and exhausting and I feel that the time has come,
as I approach the age of 61, to allow myself more time for my personal life and
my many other interests including, of course, the production of wine at my
estate, Chateau Lagrezette in Cahors.
Johann has persuaded me that I should continue to perform an executive role
within the Group, at least over the next few years, and has asked that I work
closely with him in terms of marketing and product conceptualisation. I have
given him my commitment that I will make a substantial part of my time available
to Richemont over the period and I look forward to a continuing involvement with
my friends and colleagues in the Group.
Unquote
Richemont is a Swiss luxury goods group. The Group owns a portfolio of leading
international brands including Cartier, Van Cleef & Arpels, Piaget, Montblanc,
Dunhill and Lancel as well as the prestigious watch manufacturers Jaeger-
LeCoultre, Baume & Mercier, IWC, Vacheron Constantin, A. Lange & Shne, and
Officine Panerai.
In addition to its luxury goods business, Richemont holds an 18.5 % interest in
the ordinary share capital of British American Tobacco, the world"s second
largest tobacco company.
Press inquiries: Mr Johann Rupert, Executive Chairman
Telephone: + 41 22 715 3500
Analysts" inquiries: Ms Sophie Cagnard,
Head of Investor Relations
Telephone: + 44 207 838 8581
