Luxury goods group Richemont announced on Friday that Stanislas de Quercize, CEO of Cartier, has requested that he be allowed to step down from his current position and from the group management committee for personal reasons.
He will be succeeded as CEO by Cyrille Vigneron, currently the president of LVMH Japan.
De Quercize's resignation is with immediate effect. Richemont said however that he would remain a group executive, taking over the role of chairman of Richemont France.
LVMH and Richemont had agreed that Vigneron would formally assume his new position on 1 January 2016, Richemont added.
Prior to joining the LVMH Group, Vigneron worked with Richemont from 1988 to 2013. He worked principally with Cartier, rising to become managing director of Cartier Japan, president of Richemont Japan, and finally, managing director of Cartier Europe.
"In his capacity as Chief Executive Officer of Cartier, Mr Vigneron will become a member of the Group Management Committee from 1 January 2016. Thereafter, he will be nominated for election to Compagnie FinanciÃ¨re Richemont's Board of Directors in September 2016," Richemont said.
Commenting on the changes, Johann Rupert, chairman of Richemont, said: "Stanislas de Quercize has had a superb career to date, having worked with Cartier, Montblanc and Alfred Dunhill prior to taking up positions as Chief Executive of Van Cleef & Arpels and Cartier. I and all my colleagues on the Board, in management and across both Richemont and Cartier, recognise his commitment, work ethic and enthusiasm. We deeply regret that Stanislas has decided to stand down but must accept his decision.
"Cyrille Vigneron is an old colleague and a highly capable and effective leader. We welcome him back to Cartier. I look forward to a smooth transition from Stanislas to Cyrille and know that he will have the full support of Cartier management and employees. I look forward to Cyrille's contribution to further building Cartier's reputation as the world's leading jewellery and haute horlogerie Maison."