IGI Boss Lorie Steps Down after $570m Buyout
August 08, 23
(IDEX Online) - Roland Lorie is stepping down as CEO of IGI after the grading lab was sold for $570m in May, and will be replaced by Tehmasp Printer, who currently manages IGI's India operation.
IGI was founded in 1975 in Antwerp by Marcel Lorie and expanded under his son's leadership into a network of 29 laboratories and 18 gemology schools.
Printer will take over as global CEO in October, after 24 years with the company.
Lorie said: "Selecting Tehmasp as the new leader of IGI was effortless - he has been with IGI for more than two decades and knows the business inside and out.
"He brings a commitment to excellence and innovation that can help propel the company into its new chapter."
IGI, which employs almost 1,000 people, primarily in India, was 80 per cent owned by China-based Fosun International Ltd. The remaining 20 per cent belonged to Lorie.
Singapore-based BCP Asia II Topco Pte bought IGI. The company is wholly owned by Blackstone, the world's largest alternative asset management company, overseeing $991bn in assets.
Pic shows Tehmasp Printer and Roland Lorie