Richemont announces board changes with four departures and Fiona Druckenmiller’s entry
On May 12, with the publication of the 2022 annual results, Swiss luxury group Richemont announced forthcoming changes to its board of directors. Four board members will leave in the next two years, and a second new name, US businesswoman Fiona Druckenmiller, has been nominated for election, after Bram Schot’s nomination in February. Their appointments as non-executive directors will be submitted to the vote of the Richemont group’s AGM on September 6.
Druckenmiller has a decade of experience in the finance industry, and is very familiar with the luxury sector. After 10 years as portfolio manager, notably at Dreyfus Corporation in New York, in 2010 she opened the FD Gallery store in Manhattan, selling second-hand luxury items, furniture, books, design objects and vintage and contemporary jewellery.
With her husband Stanley Druckenmiller, an investment fund manager, in 1993 she co-founded the Druckenmiller Foundation, supporting medical research, education, poverty relief and various environmental causes. She also sits on the board of trustees of New York University and the NYU Langone Medical Center, and is vice-chair of the board at the American Museum of Natural History.
Dutch executive Bram Schot has worked for over 30 years in the high-end automotive sector, notably with German manufacturers (DaimlerChrysler, Mercedes-Benz, Volkswagen Group and Audi). He currently sits as non-executive director on the board of Anglo-Dutch oil group Shell, where he is also a member of the committee in charge of safety, environmental policy and sustainable development, as well as of the compensation committee.
The departures from Richemont’s board will take place in two stages. Guillaume Pictet and Jean-Blaise Eckert, non-executive directors since 2010 and 2013 respectively, have indicated they will leave the board at the end of the current fiscal year, on March 31 2024. Clay Brendish and Maria Ramos, who had been co-opted on the board in 2011, will leave on March 31, 2025.
“The series of changes we are announcing today will take effect over the coming 10 to 16 months. They reflect the ongoing execution of our succession plan for long-serving members,” said the president of the Geneva-based group, Johann Rupert, in a press release.
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