Georges Kern Exits Richemont to Become CEO at Breitling

LONDON — Georges Kern, who resigned last week as head of Compagnie Financière Richemont's watch operations, is heading to Breitling — and will not only be the Swiss watch brand's chief executive officer, but also a shareholder.

Kern could not be reached for comment, but sources close to the longtime watch executive said he will receive a stake in Breitling in the low double-digits. In April, the family owned Breitling, one of Switzerland’s last remaining independent watchmakers, was acquired by the private equity firm CVC Capital Partners. CVC took an 80 percent stake via its Fund VI. CVC said Breitling owner Théodore Schneider reinvested a 20 percent shareholding as part of the deal.