Zurich - Richemont, the maker of Piaget jewellery and IWC Schaffhausen timepieces, said that Chief Executive Officer Richard Lepeu and Chief Financial Officer Gary Saage will retire next year as it reported a decline in first-half profit.
Deputy Chief Financial Officer Burkhart Grund will replace Saage, the Geneva-based company said in a statement on Friday.
Johann Rupert will remain executive chairman.
Operating profit fell 43 percent to 798 million euros ($885 million) in the 12 months through September. Last month, the company estimated a 45 percent decline, and analysts had predicted 765 million euros.
Ebbing demand from Asia to the US has weighed on the Swiss watch industry, exacerbated by slowing tourist flows to Europe following terrorist attacks.
The Swiss watch industry is suffering its longest slump in exports since monthly records began in 1988.
BLOOMBERG