Fossil Group, Inc. (Fossil), a global design, marketing, distribution and innovation company specializing in lifestyle accessories, announced that 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.
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.
Jeffrey N. Boyer, the Company’s Executive Vice President and Chief Operating Officer since April 2021, has been appointed as Interim CEO and as a member of the Board of Directors, effective immediately. The Board has retained an executive search firm to identify a permanent CEO and will consider both internal and external candidates.
Kevin Mansell, Lead Independent Director of the Board, has been appointed as Chairman of the Board, effective immediately. Mansell was elected to the Board in May 2019, and is currently the Lead Independent Director and Chairman of the Company’s Compensation and Talent Management Committee. Mansell has over 40 years of retail industry experience, most recently serving as Chairman, CEO and President of Kohl’s Corporation (NYSE: KSS), one of the largest department store retail chains in the U.S., until his retirement in May 2018.
Mansell stated, “On behalf of the entire Board, I thank Kosta for his unwavering commitment and leadership to Fossil. 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.”
Boyer has over 30 years of experience in retail and has been instrumental in leading key initiatives under the Company’s TAG Plan. He has been a member of the executive leadership team at Fossil Group since 2017 and has served as Chief Operating Officer since April 2021. He previously served as the Company’s Chief Financial Officer and Treasurer for four years and was a member of the Board of Directors for 10 years prior to joining the management team. Prior to Fossil Group, he held executive leadership positions across the retail and consumer landscape, including Pier 1 Imports, Inc., Tuesday Morning Corporation, 24 Hour Fitness Worldwide Holdings, Inc., and Michaels Stores, Inc. Prior to his work in retail, he served in leadership roles in several consumer product firms including The Pillsbury Company and Kraft General Foods.
Boyer is currently a member of the Board of Directors of Sally Beauty Holdings, Inc. (NYSE: SBH), where he serves on the Audit Committee and the Compensation and Talent Committee.
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