Fossil Group CEO Kosta Kartsotis Steps Down; Stock Up

(RTTNews) - Fossil Group Inc. (FOSL) said that Kosta Kartsotis stepped down from his position as Chief Executive Officer and a member of the Board of Directors, effective immediately.

FOSL closed Wednesday's regular trading at $0.87 up $0.01 or 1.03%. in the after-hours, the stock further gained $0.07 or 8.49%.

Kartsotis will remain with the Company in a transitional role until September 2024 and, thereafter, will provide consulting services to the Company until September 2025.

Jeffrey Boyer, the Company's Executive Vice President and Chief Operating Officer since April 2021, has been appointed as Interim CEO and as 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 both internal and external candidates.

Kevin Mansell, Lead Independent Director of the Board, has been appointed as Chairman of the Board, effective immediately. Mansell was elected to the Board in May 2019, and is currently the Lead Independent Director and Chairman of the Company's Compensation and Talent Management Committee.