Richemont COO Yannick Lakhnati Resigns

Richemont, the world's second largest luxury goods firm, said today (Tuesday) that Chief Operating Officer Yannick Lakhnati has resigned for personal reasons and will step down on May 31, 2005.

Lakhnati, who joined Richemont, in 2003, will return to his native South Africa.

The company said no decision has yet been made regarding Lakhnati's replacement.

Richemont owns luxury brands Cartier, Piaget, Van Cleef and Arpels, Dunhill and many other well known high-end brands.