Fossil Group Inc. has announced that Kosta Kartsotis has resigned from his role as Chief Executive Officer and board member, effective immediately.
On the day of the announcement, Fossil stocks closed at $0.87, showing an increase of $0.01 or 1.03%. Following the announcement, the stock value grew by a further $0.07 or 8.49% in after-hours trading.
While Kartsotis has officially stepped down, he will continue to serve the company in a transitional role until September 2024. He will then provide consultancy services until September 2025.
In the meantime, Jeffrey Boyer, the company's Executive Vice President and Chief Operating Officer since April 2021, will take over as Interim CEO and join the company's board of directors.
Fossil has engaged an executive search firm to find a new permanent CEO. Both internal and external candidates will be considered.
Kevin Mansell, who has served as an Independent Director since May 2019 and chairs the Compensation and Talent Management Committee, has been appointed as the new Chairman of the Board.
