~ Mr. Coté to Serve as Non-Management Board Member After Retirement ~
PARAMUS, N.J.--(BUSINESS WIRE)--Mar. 31, 2016--
Movado Group, Inc. (NYSE:MOV) today announced that Rick Coté, Vice
Chairman and Chief Operating Officer, will retire in June 2016, after 16
years with the Company and 31 years in the consumer products industry.
Following his retirement, Mr. Coté will serve as a non-management member
of the Board of Directors, in which capacity he will continue to serve
as a trusted advisor to the Company. The Company does not plan to
replace the Chief Operating Officer role and has plans for a smooth
transition of Mr. Coté’s responsibilities.
Mr. Coté joined Movado Group in 2000 as Executive VP Finance and
Administration. In 2001, he was promoted to Chief Operating Officer and
promoted again in April 2010 to the position of President and Chief
Operating Officer. Mr. Coté became Vice Chairman and Chief Operating
Officer in September 2014. Prior to joining the Company, Mr. Coté worked
for Colgate-Palmolive, a global consumer goods company, where he was
Vice President and Chief Financial Officer for U.S. operations from 1998
to 2000, after having served as Vice President and Chief Financial
Officer for Asia/Pacific operations from 1993 to 1998. Prior to joining
Colgate-Palmolive, Mr. Coté spent eight years at KPMG LLP in public
accounting.
During his tenure at Movado Group, Mr. Coté has directed the commercial,
finance and operations teams, implemented significant Company platforms
and infrastructure, and helped formulate and advance long term strategic
plans. Additionally, he has played an integral role on the Board of
Directors, in general management of the Company, and in the development
of Company growth and margin expansion initiatives. Since joining the
Company in 2000, Movado Group’s net sales increased from $295.1 million
to $594.9 million in fiscal 2016 and adjusted operating income increased
from $15.8 million to $74.1 million in fiscal 2016.
Efraim Grinberg, Chief Executive Officer, stated: “On behalf of Movado
Group’s entire Board of Directors, I would like to recognize Rick’s
significant contributions to the Company, and his commitment to both
Movado Group and our shareholders over the past 16 years. Rick has been
instrumental in developing the platform in place today and has helped
drive our growth and profitability. We are pleased that Rick will
continue to serve as a member of the Board, and remain involved in
helping us evolve our strategies and continue on a path of sustainable
profitable growth. We wish him well in his retirement.”
Rick Coté, Vice Chairman and Chief Operating Officer, stated: “My career
at Movado Group has been rewarding and an extremely enjoyable learning
experience. I am very pleased with the strong position Movado Group
enjoys today in the watch category including its sustainable profitable
growth performance, world class global infrastructure, record level
share of market, exceptionally strong balance sheet, inspiring culture
and, of course, its talented global team of employees. I retire
convinced that we have the team and resources to continue delivering new
sustainable levels of performance. I am appreciative of the opportunity
to remain on the Board of Directors, continuing to provide advice and
strategic guidance to our talented management team.”
Movado Group, Inc. designs, sources, and distributes MOVADO®, EBEL®,
CONCORD®, ESQ® Movado, COACH®, TOMMY HILFIGER®, HUGO BOSS®, JUICY
COUTURE®, LACOSTE® and SCUDERIA FERRARI® watches worldwide, and operates
Movado company stores in the United States.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160331005355/en/
Source: Movado Group, Inc.
ICR, Inc.
Rachel Schacter/Allison Malkin, 203-682-8200