Bernard Foras retiring from Richemont

Bernard Fornas is set to retire from his position as co-CEO of Compagnie Financiere Richemont SA on March 31. He will also be retiring from his roles on Richemont's senior executive committee and the group management committee.

Richemont owns many luxury brands including Cartier, Van Cleef and Arpels, and IWC.

Fornas will continue serving on the company's board of directors as a non-executive member, and he will also serve on their nominations committee. He will be up for reelection by the shareholders on September 14.

Since April 2013, Fornas served as Richemont's co-CEO along with Richard Lepeu, and has been a board member since September 2013. Lepeu still holds his current position.

In a statement, Johann Rupert, chairman of Richemont, said "As the luxury goods domain evolves around us, Richemont’s board is delighted that Bernard has chosen to serve Richemont’s shareholders for many more years to come."

Cyrill Vigneron, ceo of Cartier, will become a member of the senior executive committee beginning on April 1. He will also continue to be a member of the group management committee.