Swarovski has officially named Robert Buchbauer, the great-great-grandson of the company founder, its new chief executive officer.
His appointment is part of an overall realignment of the company that gives it a more centralised management structure than it has had traditionally.
Prior to this appointment, it was not clear who was in charge of the business. Instead, a panel of family members made up the executive board, chaired by Buchbauer.
Now, in a management shake-up, he has been given the chief executive officer title.
There has long been reports that there was tension among the board, with the most prominent problem being its lack of a leader to have the final say when the family members could not agree on a direction.
In a statement, Buchbauer, who will retain his role as chairman of the board, says in his new role he plans to “realign the company along a common vision, growth strategy and organization”,
According to WWD, which first reported the news, the management shakeup strips Nadja Swarovski—another great-great-grandchild of the company’s founder—of her responsibilities running Atelier Swarovski, the fine jewellery label she launched in 2007.
Moreover, WWD reports, referring to an internal source, that Nadja Swarovski – the first (and so far only) female member of its executive board—will no longer head corporate branding and communications. She will, however, remain head of the Swarovski Foundation and overall sustainability efforts as well as a member of its executive board.
Alongside Buchbauer’s promotion to CEO, the company reports that Markus Langes-Swarovski has resigned from the executive board, though in the future he will become a member of its advisory board and chairman of its board of directors, which seems to be a different entity than the executive board.
Mathias Margreiter, another family member, will remain on the now three-person executive board, along with Buchbauer and Nadja Swarovski.
2020 marks 125 years in business for Swarovski. Read our interview with the now-CEO and the managing director for the UK below: