Richemont’s HR Chief Loses Seat on Executive Committee

(Bloomberg) -- Swiss luxury-goods maker Richemont’s human-resource director is stepping down from the senior executive committee amid reports of squabbles over bonuses after a 57% jump in her compensation.

Sophie Guieysse is giving up her seat on the committee immediately, the maker of Cartier jewelry and IWC timepieces said in a statement Friday, without giving reasons for the move. She also won’t stand for re-election to the board of directors at the company’s annual general meeting in September. Guieysse will remain as HR director.

The move comes after reports of frustration among employees over the size of some senior executives’ bonuses when most directors got pay cuts. Richemont has had four years of sweeping changes in top positions, including the replacement of most brand heads and the abolishment and reinstatement of the chief executive officer role.

Guieysse’s total compensation increased to 3.1 million francs ($3.3 million) in the 12 months through March. Nicolas Bos, head of jeweler Van Cleef & Arpels, had the biggest salary jump among the members of the senior executive committee last year. His compensation rose 89% to 9.2 million francs.

Total compensation for the members included stock options that may have lost value and are dependent on meeting specific performance criteria, a person familiar with the matter told Bloomberg on June 6.

©2020 Bloomberg L.P.

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