Johann Rupert, the second-generation head of Swiss luxury group Richemont, is to step down as chief executive next year and will be succeeded by two non-family members.
The family business, famous for owning brands such as Cartier and Montblanc, said in a statement today that Bernard Fornas and Richard Lepeu will replace Rupert from 1 April 2013.
Rupert, 62, who transformed the company founded by his father into a luxury giant, will remain chairman of Richemont.