Austria-based jewellery company Swarovski has announced its newly constituted board of directors composed of the founder’s family members and independent shareholders.
Considered to be a “milestone in company history” after breaking tradition of keeping its business affairs within the family since inception, a Swarovski media statement advised that the designation is “in accordance with the basic principles of the new governance and the pursuit of new impulses and external expertise.”
The new committee will “act as a link to improve management between the owner families and the company.”
The non-family members are Luisa Delgado who was elected as the new board chair, Annalisa Loustau Elia, Markus Fiechter, Manuel Martinez and Robert Singer.
Family members who will continue to serve on the board are Robert Buchbauer – who has been elected as the board’s vice chair, Markus Langes-Swarovski, and Mathias Margreiter.
The board assumed their roles effective 15 November and is tasked to expedite the process of finalising the vacant positions for chief executive officer and chief finance officer of the company.
Delgado is currently the head of Schleich – a toy company based in Germany – and former CEO of eyewear company Safilo Group.
Non-family board members Elia previously served as EVP of Cartier and CMO for Groupe Printemps of France; Feichter was the former CEO of Jacobs Holding AG; Martinez – board chair for shoe giant Bally, and Singer – former CFO of Gucci Group and COO of Abercrombie & Fitch.
The company, which was established by Daniel Swarovski in 1895 and has been run and controlled by the founder’s descendants, was reportedly marred with power struggles among family members that prompted calls for a leadership revamp.