Kosta Kartsotis, longtime CEO of Richardson-based watchmaker Fossil, is stepping down from that position and from the company’s board of directors, effective immediately.
Chief operating officer Jeffrey Boyer has been named interim CEO and moves onto the board, according to a company news release. Kevin Mansell, lead independent director of the board, has been appointed as chairman, effective immediately.
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.
Kartsotis will remain on in a transitional role until September, and the company said he will provide consulting services until September 2025.
Kartsotis, 71, has been CEO of the Richardson-based company since 2000 and chairman since 2010. He joined the company in 1988, four years after Fossil was founded by his brother Tom Kartsotis, who left Fossil in 2010 to start the Shinola brand in Detroit.
Fossil’s board has hired an executive search firm to find a permanent CEO and the company said that both internal and external candidates will be considered.
Board expresses confidence in Boyer during transition
“On behalf of the entire Board, I thank Kosta for his unwavering commitment and leadership to Fossil,” Mansell said in a statement. “We have great confidence in [Boyer] 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.”
Fossil makes fashion watches under its namesake brand and owns the Michele, Relic, Skagen, and Zodiac brands. Licensed brands include Armani Exchange, Diesel, DKNY, Emporio Armani, Kate Spade New York, Michael Kors, and Tory Burch.
“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,” the company said in a statement in Fossil’s amended proxy statement.
The Dallas Morning News said that in recent years, Kartsotis sold most of his company stock.
The newspaper reported that the departure came on the same day that Fossil posted a net loss of $28.2 million and a 15.6% decline in revenue to $421.3 million in the quarter ended Dec. 30.
Quincy Preston contributed to this report.
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