Luxury giant Richemont has named two new chief executive officers to its Montblanc and Jaeger-LeCoultre brands.

Jérôme Lambert, current CEO of Jaeger-LeCoultre, was appointed CEO of Montblanc, the company’s pen and watch business, while Daniel Riedo, current industrial director of Jaeger-LeCoultre, will step into Lambert’s former role at the watch brand. The appointments take effect July 1.

Lutz Bethge, Montblanc’s CEO until June 30, will be appointed as non-executive chairman and head of the supervisory board of Montblanc, and serve an advisory role to the company.

Richemont also stated that its results for the fiscal year ended March 31 will be announced on May 16.

JCK