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CEO of Baselworld Owner MCH Resigns
Aug 5, 2018 8:12 AM
By Rapaport News
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RAPAPORT... René Kamm has stepped down as CEO of MCH Group, the parent
company of Baselworld, less than a week after Swatch Group said it would no
longer be attending the annual watch and jewelry show.
Kamm (pictured) reached the joint decision with the
board “in view of the fundamental transformation phase” in the company’s
operations, MCH said Friday. The executive has been with MCH for nearly 20
years, joining in 1999 as the director of Baselworld, and had been group CEO
since 2003.
Last week, Swatch Group, the fair’s largest exhibitor,
announced it would not come to the 2019 edition of the event. Nick Hayek, CEO of the 18-brand group, cited
the show’s inability to keep up with changes in the industry, and described the
fair’s management as “a little bit arrogant and snobby” in a CNBC interview.
Kamm will advise MCH over the coming months to ensure a
smooth transition. Ulrich Vischer, chairman of its board, will lead the company
until it finds a replacement.
The latest change comes after Sylvie Ritter left her
position as managing director of Baselworld in May, a post she had held for 15
years.
MCH’s share price has fallen 13% since Swatch Group
announced its move.
“The decision by Swatch Group not to participate in
Baselworld 2019 will have an effect on the results for 2019 that are as yet
inestimable,” MCH said.
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Tags:
basel, Baselworld, MCH Group, Nick Hayek, Rapaport News, René Kamm, swatch group, Sylvie Ritter, Ulrich Vischer
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