Fossil Group, Inc. CEO Kosta N. Kartsotis is stepping down and as a member of the Board of Directors, effective immediately. To ensure a seamless transition, Kartsotis will remain with the company in a transitional role until September 2024 and provide consulting services to the company until September 2025.

Jeffrey N. Boyer, the company’s EVP and chief operating officer since April 2021, was appointed interim CEO and a member of the Board of Directors, effective immediately.

The Board has retained an executive search firm to identify a permanent CEO and will consider internal and external candidates.

Kevin Mansell, lead independent director of the Board, was appointed as chair, effective immediately. Mansell was elected to the Board in May 2019 and is the lead independent director and chairman of the company’s Compensation and Talent Management Committee. Mansell has over 40 years of retail industry experience, most recently as chairman, CEO and president of Kohl’s Corp., until his retirement in May 2018.

Mansell stated, “On behalf of the entire Board, I thank Kosta for his unwavering commitment and leadership to Fossil. We have great confidence in Jeff to guide the company through this period of transition as we undergo a strategic review, continue to advance our Transform and Grow Plan and pursue our search for the company’s next CEO in our effort to create long-term value for our stockholders.”

Boyer has over 30 years of retail experience and has been instrumental in leading key initiatives under the company’s TAG Plan. He has been a member of the executive leadership team at Fossil Group since 2017 and has served as COO since April 2021. He was the company’s CFO and treasurer for four years and a member of the Board of Directors for ten years before joining the management team.

Before Fossil Group, Boyer held executive leadership positions across the retail and consumer landscape, including Pier 1 Imports, Inc., Tuesday Morning Corp., 24 Hour Fitness Worldwide Holdings, Inc., and Michaels Stores, Inc. Before his work in retail, he served in leadership roles in consumer product firms, including The Pillsbury Company and Kraft General Foods.

Boyer is a member of the Board of Directors of Sally Beauty Holdings, Inc. on the Audit Committee and the Compensation and Talent Committee.

Image courtesy Fossil Group