Chief operating officer Jeffrey Boyer, 65, has been named interim CEO and moves onto the board.
Kartsotis, 71, has been CEO since 2000 and chairman since 2010. He joined the company in 1988, four years after Fossil was founded by his brother Tom Kartsotis, who left the company in 2010 and founded the Shinola brand in Detroit.He will remain on in a transition role until September and will provide consulting services until September 2025. In recent years, Kartsotis sold most of his stock.The departure came on the same day that Fossil posted a net loss of $28.2 million and a 15.
The board has hired an executive search firm to find a permanent CEO. Both internal and external candidates will be considered, the company said in a statement. “Kartsotis’ departure was not the result of any disagreement with the company on any matter relating to the company’s financial statements, internal controls, operations, policies, or practices,” according to a statement in the company’s amended proxy statement.“On behalf of the entire board, I thank Kosta for his unwavering commitment and leadership to Fossil,” said Mansell who is a former chairman and CEO at Kohl’s Corp.
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