Aldo Magada has been relieved of his position as CEO and president of Zenith with immediate effect.
In a statement from the Watches Division of LVMH, parent company of Zenith, TAG Heuer and Hublot, the group’s president Jean-Claude Biver announced that he will be taking control of Zenith until a successor to Mr Magada can be found.
“I am writing to inform you of the departure of Aldo Magada from his position as CEO & President of Zenith,” said Mr Biver.
“This decision was taken by mutual agreement and I would like to express my sincere thanks to Mr. Magada for his contribution as well as wishing him every success for the next stage of his professional career.
“I am personally taking over interim management. I want to be more involved and to create greater synergies between the group’s three brands. I’ll be working with the teams to give this brand the lustre it deserves,” he concludes.