Fashion accessories retailer, Fossil Inc. (NASDAQ: FOSL) announced on Friday that Michael Kovar, the current Chief Financial Officer, Treasurer and executive vice president will leave the company in March 2013.
Fossil, whose product lines include: watches, sunglasses, clothing, leather goods and hand bags, said it has already started to search for Kovarâ€™s replacement.
Kovar joined the company in March 2000 and quickly got promoted as the CFO in October 2008.
Commenting over Kovarâ€™s planned resignation, Companyâ€™s Chairman and Chief Executive, Kosta Kartsotis, said in a statement, â€śMike has been an integral part of our executive team as we have driven the Company’s sales and earnings growth dramatically over the last twelve years.â€ť
During his tenure of over 12 years with Fossil Inc, Kovar held several key positions. Since March 2008, Kovar served as executive vice president, CFO and a treasurer. Between 2000 and 2008, he served as a senior vice president, CFO and Treasurer. When Kovar joined Fossil in March 2000, he was appointed as the senior vice president of finance, until October 2000.
Recollecting his experience with Fossil, Kovar in a statement said, â€śLeading the finance function at Fossil has been a wonderful experience, both personally and professionally. Fossil’s prospects have never been brighter and I look forward to watching its continued success as I pursue personal interests and spend more time with my family.â€ť
Earlier in August, Fossil roped in ex- Pandora A/S Executive John White as its executive vice president and chief operating officer. He joined the office from September 4; and will be directly reporting to the Chief Executive.
Few weeks ago the Company reported better-than-expected fiscal second quarter results. While the net income posted 11 percent increase over the year earlier quarter, revenue also soared 14% from the same period of last fiscal year.