- After around 23 years in the position
- Praise and thanks for Kartsotis
- Jeff Boyer taking over temporarily
- Search for a successor
(exechange) — Richardson, Texas, March 13, 2024 — Kosta Kartsotis, chief executive of Fossil, leaves his position. As announced by Fossil Group Inc. in a news release and in a regulatory filing published on Wednesday, March 13, 2024, Kosta N. Kartsotis leaves his post as chief executive officer at the designer and manufacturer of accessories, after around 23 years in the role, effective immediately.
It is the end of an era.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Fossil will undertake a search for a successor.
Kosta Kartsotis’s duties as CEO will be taken over temporarily by Jeffrey N. (Jeff) Boyer, most recently Chief Operating Officer at Fossil Group Inc., as Interim Chief Executive Officer.
“Period of transition as we undergo a strategic review”
Fossil did not give an explicit reason for Kosta Kartsotis’s departure from the CEO post. Kevin Mansell, Lead Independent Director of the Board, who has been appointed as Chairman of the Board, stated: “We have great confidence in Jeff to guide the Company through this period of transition as we undergo a strategic review, continue to advance our Transform and Grow Plan and pursue our search for the Company’s next CEO in our effort to create long-term value for our stockholders.”
Precise information regarding Kosta Kartsotis’s future plans was not immediately available.
“Stepping down”
Fossil said: “Kosta N. Kartsotis is stepping down from his position as Chief Executive Officer and a member of the Board of Directors (the “Board”), effective immediately.”
“Not the result of any disagreement”
Fossil stated, regarding the change: “Mr. Kartsotis’ departure was not the result of any disagreement with the Company on any matter relating to the Company’s financial statements, internal controls, operations, policies, or practices.”
Share price decline since March 2023
The announcement follows a decline in Fossil Group Inc.’s share price of 80% since March 2023.
In the position of CEO since 2000
Kosta Kartsotis became CEO of the Company in 2000.
To ensure a seamless transition, Kartsotis will remain with the Company in a transitional role until September 2024 and, thereafter, will provide consulting services to the Company until September 2025.
Kosta N. Kartsotis has served as the Company’s CEO since October 2000 and Chairman of the Board since May 2010.
Kartsotis also served as President of the Company from December 1991 to December 2006 and as Chief Operating Officer from December 1991 until October 2000.
Kartsotis joined the Company in 1988.
He has been a director of the Company since 1990.
No statement by Kosta Kartsotis
In the release announcing his departure as CEO of Fossil Group Inc., Kosta Kartsotis received praise and thanks.
The announcement of his departure as CEO does not include a statement by Kosta Kartsotis.
The above text is an excerpt from the exechange report 12.2024 ($), publication date March 18, 2024.