RICHARDSON, Texas - Fossil Group, Inc. (NASDAQ:FOSL), a global lifestyle accessories company, has undergone a significant change in its executive leadership, with Kosta N. Kartsotis stepping down as Chief Executive Officer and from the Board of Directors, effective immediately. Jeffrey N. Boyer, previously Executive Vice President and Chief Operating Officer, has been named Interim CEO and a member of the Board.
To facilitate a smooth transition, Kartsotis will remain in a transitional role until September 2024 and will provide consulting services to the company until September 2025. The Board has initiated a search for a permanent CEO, considering both internal and external candidates.
Kevin Mansell, who has served as Lead Independent Director and Chairman of the Compensation and Talent Management Committee, has been appointed Chairman of the Board. Mansell brings over four decades of retail experience to the role, including a tenure as Chairman, CEO, and President of Kohl’s Corporation until May 2018.
Mansell expressed gratitude for Kartsotis's leadership and confidence in Boyer's ability to guide Fossil through this transition. The company is currently undertaking a strategic review and advancing its Transform and Grow Plan.
Boyer, with over 30 years of retail experience, has been a part of Fossil's executive leadership since 2017 and COO since April 2021. He has also served as CFO and Treasurer and was on the Board for 10 years before joining the management team. Boyer is a board member of Sally Beauty (NYSE:SBH) Holdings, Inc. (NYSE:SBH).
Fossil Group's portfolio includes both owned and licensed brands, with products ranging from watches to sunglasses. The company's focus remains on design and innovation across its brand spectrum, which includes Fossil, Michele, Relic, Skagen, Zodiac, and licensed brands such as Armani Exchange, Diesel, DKNY, Emporio Armani, kate spade new york, Michael Kors, and Tory Burch.
The information for this article is based on a press release statement.
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