Fossil CEO Kosta Kartsotis steps down, Jeffrey Boyer named interim CEO

Fossil Group (FOSL) on Wednesday announced that Kosta N. Kartsotis is stepping down from his position as CEO and a member of the Board of Directors, effective immediately. To ensure a seamless transition, Kartsotis will remain with the company in a transitional role until September 2024 and, thereafter, will provide consulting services to the company until September 2025. Jeffrey N. Boyer, the company’s Executive Vice President and COO since April 2021, has been appointed as Interim CEO and as a member of the Board of Directors, effective immediately. The Board has retained an executive search firm to identify a permanent CEO and will consider both internal and external candidates. Kevin Mansell, Lead Independent Director of the Board, has been appointed as Chairman of the Board, effective immediately. Mansell was elected to the Board in May 2019, and is currently the Lead Independent Director and Chairman of the Company’s Compensation and Talent Management Committee. Mansell has over 40 years of retail industry experience, most recently serving as Chairman, CEO and President of Kohl’s Corporation (KSS). Mansell stated, “On behalf of the entire Board, I thank Kosta for his unwavering commitment and leadership to Fossil. We have great confidence in Jeff to guide the Company through this period of transition as we undergo a strategic review, continue to advance our Transform and Grow Plan and pursue our search for the Company’s next CEO in our effort to create long-term value for our stockholders.”