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Just caught that Fossil Group had some major shakeup in leadership. Kosta Kartsotis is out as CEO - happened immediately - and the stock actually popped on the news, which is kind of interesting. Closed up like 1% on the day, then jumped another 8% after hours. Guess the market was expecting this or something.
Jeffrey Boyer, who was running operations as COO, got bumped up to interim CEO. The board brought in a search firm to find a permanent replacement, so Boyer's just holding the seat for now. Kosta Kartsotis is sticking around through September 2024 to help with the transition, then doing consulting work through the following year. Kevin Mansell took over as board chairman.
It's one of those corporate moves where you never really know what went down behind closed doors, but the stock reaction suggests investors might be optimistic about the direction. Kosta Kartsotis led the company for a while, so this is definitely a significant change for Fossil Group.