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Few businesses are going to look back on 2020 with any satisfaction, but Richemont has misused the covid crisis.
Wendy Luhabe, a social entrepreneur and economic activist from South Africa, could challenge the group's male, pale and stale image.
Investors will instead be rewarded with warrants that can be converted into new shares in three years.
Fabienne Lupo, who has spent 15 years at the Fondation de la Haute Horlogerie and been the face of the rebranded Watches & Wonders Geneva, has been replaced with Richemont's Head of Specialist Watchmakers Emmanuel Perrin.
Sales by the group's watchmakers were down by 56% from €833 million to €359 million at actual exchange rates. Jewellery sales were down by 41%.
Richemont-owned jewellery and watch brand Piaget has launched a digital showroom that you can walk around, browse and get advice.
Cyrille Vigneron expected to take charge with Jérôme Lambert moving to head up Online Distributors.
Sophie Guieysse is stepping down immediately from her senior executive committee role and will not stand for re-election to the board.
Coverage of the situation has focused on Sophie Guieysse's rocketing pay while overseeing significant cuts to staff and salaries across the group.
Fondation de la Haute Horlogerie will promote fine watchmaking across events and digital platforms, a so-called "phygical" outreach programme.