Gary Saage Joins Richemont Board: Luxury Leadership Reshaped

  • Gary Saage to Join Richemont Board: Gary Saage, former CFO, nominated for Richemont's Board of Directors and Audit Committee Chair.
  • Saage's Extensive Luxury Industry Experience: With decades of luxury sector expertise, Saage brings valuable financial skills and knowledge.
  • Smooth Transition Assured: Current Deputy Chairman Dillie Malherbe to facilitate changes during the next 18 months in the company's leadership.
Richemont

Compagnie Financière Richemont SA has announced a significant development in its corporate leadership. Gary Saage, a seasoned financial executive with a rich history within the company, is set to rejoin the Board of Directors and take up the role of Chairman of the Audit Committee, subject to shareholder approval at the annual general meeting scheduled for September 2024.

A Wealth of Experience

Gary Saage brings a wealth of experience to this pivotal role. As a former Chief Financial Officer (CFO) of the Richemont Group and a previous board member, Saage possesses invaluable knowledge of Richemont’s intricate operations and holds the financial acumen necessary for this crucial position. With decades of experience in the luxury goods sector and a track record of financial discipline, he is well-prepared to steer Richemont’s financial oversight in the right direction.

A Distinguished Career

Gary Saage’s professional journey is nothing short of impressive. A graduate of Fairleigh Dickinson University in the USA and a Certified Public Accountant (CPA), he began his career in the world of public accounting with Coopers & Lybrand. In 1988, he made the transition to Cartier in the United States, marking the beginning of his remarkable journey within the Richemont Group.

Saage’s commitment and expertise led him to the positions of Chief Operating Officer of Richemont in North America and later, Chief Operating Officer of dunhill in London. In 2006, he took on the role of Group Deputy Finance Director, and in 2010, he was promoted to Chief Financial Officer. It was during this year that he also joined Richemont’s Board of Directors, serving as a guiding hand in the company’s strategic decisions. His dedicated service to the Board continued until September 2021.

A Seamless Transition

To ensure a smooth transition, Josua (Dillie) Malherbe will remain Deputy Chairman of the Board. He will also continue to serve on the Audit and the Strategic and Security Committees. During the next 18 months, Malherbe will play a crucial role in overseeing changes within the Board. This period will see the departure of three members from the Audit Committee, along with the initiation of a tender process to select Richemont’s next external auditor.

Johann Rupert’s Optimism

Johann Rupert, Chairman of Richemont, expressed his delight at Gary Saage’s nomination. He highlighted the complexities of the role, which require proficiency in accounting, regulatory matters, business acumen, and the courage to address challenges head-on. Rupert also emphasized the importance of institutional knowledge in such a position, which Saage unquestionably possesses, having been part of the Richemont journey since his time at Cartier, a year after the company’s inception.

Rupert commended Dillie Malherbe for agreeing to continue as Deputy Chairman, noting his pivotal role in facilitating the implementation of the company’s succession plan.

Looking Ahead

Gary Saage’s nomination to the Board of Directors and his potential role as Chairman of the Audit Committee marks a significant moment in Richemont’s ongoing evolution. As the company continues to navigate the dynamic luxury goods market, Saage’s experience and financial expertise are poised to be invaluable assets.

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