Fossil Group CEO to step down

Fossil Group announced that Kosta N. Kartsotis will be stepping down from his position as chief executive officer and as a member of the board of directors, effective immediately.

In the interim, Jeffrey N. Boyer, who has been serving as 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. The company confirmed that the board has initiated a search for a permanent CEO and will consider both internal and external candidates.

Boyer boasts over three decades of experience in the retail sector and has played a pivotal role in spearheading key initiatives under the company’s Transform and Grow Plan. He has been a part of Fossil Group’s executive leadership team since 2017, previously serving as chief financial officer and treasurer for four years before assuming his current role as chief operating officer. Boyer also brings extensive experience from various leadership positions across renowned retail and consumer brands, including Pier 1 Imports, Inc., Tuesday Morning Corporation, 24 Hour Fitness Worldwide Holdings, Inc., and Michaels Stores, Inc.

As part of the transition, Kartsotis will continue with the company in a transitional role until September 2024, followed by providing consulting services until September 2025.

Furthermore, Kevin Mansell, who has been serving as the lead independent director of the board since May 2019, has been appointed as chairman of the board, effective immediately. Mansell brings over 40 years of extensive retail industry experience to his new role, having previously served as chairman, CEO, and president of Kohl’s Corporation until his retirement in May 2018.

“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,” said Mansell. 

Kartsotis departure follows a disappointing financial period for the company, with fourth quarter 2023 sales falling 15.6 percent to 421.3 million dollars. Full year 2023 net sales equally dropped to 1.4 billion dollars from the prior year’s 1.7 billion dollars.