Movado announces the retirement of Vice Chairman Rick Coté
Movado Group, Inc. announced Thursday that Rick Coté, Vice Chairman and Chief Operating Officer, will retire from the company in June 2016. Coté, who worked for Movado for 16 years, will serve as a non-management member of the Board of Directors.
Coté joined Movado Group in 2000 as Executive VP Finance and Administration. In 2001, he was promoted to Chief Operating Officer and was promoted again in April 2010 to President and Chief Operating Officer. He assumed the role of Vice Chairman and Chief Operating Officer in September 2014.
While at the company, Coté directed the commercial, finance and operations teams, implemented significant company platforms and infrastructure, and helped formulate and advance long term strategic plans. Since joining the company in 2000, Movado Group’s net sales increased from $295.1 million to $594.9 million in fiscal 2016 and adjusted operating income increased from $15.8 million to $74.1 million.
Movado does not plan to replace the Chief Operating Officer role and has plans for a smooth transition of Coté’s responsibilities.
Prior to joining the company, Coté worked for Colgate-Palmolive as Vice President and Chief Financial Officer for US operations, after having served as VP and CFO for Asia/Pacific operations. He also worked at KPMG LLP in public accounting for eight years.
Movado Group, Inc. designs, sources and distributes watches worldwide for Movado, Coach, Tommy Hilfiger, Hugo Boss, Juicy Couture, Lacoste and Scuderia Ferrari among others.
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