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CFR - Compagnie Financiere Richemont SA Depositary Receipts - Mr Johann Rupert

Release Date: 13/11/2009 07:34
Code(s): CFR
Wrap Text

CFR - Compagnie Financiere Richemont SA Depositary Receipts - Mr Johann Rupert to assume role of Chief Executive Officer from 1 April 2010 Compagnie Financiere Richemont SA Depositary Receipts issued by Richemont Securities AG (Incorporated in Switzerland) ISIN: CH0045159024 Depositary Receipt Code: CFR ("Richemont" or "the Company" or "the Group") MR JOHANN RUPERT TO ASSUME ROLE OF CHIEF EXECUTIVE OFFICER FROM 1 APRIL 2010 In May 2009, Mr Norbert Platt, the current Group Chief Executive Officer indicated his intention to retire at the end of the year for health reasons. Mr Johann Rupert, the Group`s Executive Chairman, will also assume the role of Chief Executive Officer with effect from 1 April 2010. Mr Platt will remain as a director of Compagnie Financiere Richemont SA and will act as an advisor to the Group. Mr Rupert commented as follows: "Since he took up the role of Chief Executive Officer in 2004, Norbert has achieved remarkable results in terms of building the Group, rationalising its operations and improving our logistics infrastructure. Over the period we have seen a dramatic growth in sales and profitability at Richemont, even if the crisis of the past year has impacted the luxury goods industry so negatively. Richemont`s philosophy is that our Maisons should operate largely autonomously, whilst benefiting from the Group`s central and regional support services. In these challenging times, we want to ensure consistency in our management approach. Richemont has strong management in the Maisons, in the regions and in our central functions and I look forward to working more closely with my colleagues." The Board of Compagnie Financiere Richemont SA has also nominated Lord Renwick of Clifton to assume the role of Lead Independent Director, given the combination of Mr Rupert`s role as Executive Chairman and Chief Executive Officer. Richemont holds a portfolio of several of the most prestigious names in the luxury goods industry including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Alfred Dunhill and Montblanc. Compagnie Financiere Richemont SA 50, Chemin de la Chenaie CH-1293 Bellevue - Geneva Switzerland Telephone +41 (0)22 721 3500 Telefax +41 (0)22 721 3550 www.richemont.com 13 NOVEMBER 2009 Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 13/11/2009 07:34:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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