Fashion accessories and watch retailer Fossil, Inc. (FOSL) said Thursday Executive Vice President and Chief Financial Officer Michael Kovar will retire as CFO in March 2013. The Richardson, Texas-based company said it will launch a search for Kovar's successor. Kovar joined the Company in March 2000 and was promoted to CFO in October 2000.
"Mike has been an integral part of our executive team as we have driven the Company's sales and earnings growth dramatically over the last twelve years," Chairman and CEO Kosta Kartsotis said in a statement.
Kovar has most recently served as executive vice president, CFO and Treasurer since March 2008, and as senior vice president, CFO and Treasurer from October 2000 to 2008. He has also served as senior vice president of finance from March 2000 until October 2000.
Kovar joined Fossil in March 2000 after serving as vice president and CFO at BearCom Group, Inc., a wholesaler of two-way radios, since November 1997 and as controller from July 1996 to November 1997.
"Leading the finance function at Fossil has been a wonderful experience, both personally and professionally. Fossil's prospects have never been brighter and I look forward to watching its continued success as I pursue personal interests and spend more time with my family," Kovar noted.
In mid-August, Fossil also appointed former Pandora A/S Executive John White as its executive vice president and chief operating officer, effective September 4. He will be reporting directly to Kartsotis.
In early August, Richardson, Texas-based Fossil reported an 11 percent increase in profit for the second quarter from the year-ago quarter to $57.3 million or $0.92 per share. Net sales for the quarter rose 14 percent from the prior-year period to $636.1 million.
In Thursday's regular trading session, FOSL is currently trading at $83.25, down $0.81 or 0.96% on a volume of 0.14 million shares.
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