Dec 11, 2014
LVMH watch head takes over as TAG Heuer CEO quits
Dec 11, 2014
ZURICH, Switzerland - Jean-Claude Biver, head of French luxury goods group LVMH's watch business, is taking over as head of the group's biggest watch brand, TAG Heuer, after the brand's chief executive Stephane Linder stepped down.
"Stephane Linder has decided today to resign from his role of President & CEO of TAG Heuer to pursue other professional endeavors," the brand, headquartered in La Chaux-de-Fonds in western Switzerland, said in a statement published late on Wednesday.
Biver, who was put in charge of LVMH watches in March, will take over as interim CEO, TAG Heuer said.
Linder, who had been at the helm of TAG Heuer since June last year, is leaving in the middle of a restructuring process.
In October, TAG Heuer said it dismissed 46 employees in Switzerland, suspended the launch of a mechanical chronograph movement and placed 49 people on temporary unemployment at its Chevenez factory until the end of the year.
Swiss watches are currently grappling with weak demand in the important Chinese market and in Hong Kong, where pro-democracy protests have hit luxury sales. Rivals, such as Richemont's Cartier brand, have also introduced shorter working hours.
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