Business News Round-Up: Top U.S. Executive Changes At Audemars Piguet, Panerai, And A New Chair At Chrono24

Wright, who joined us at House Of Craft last October, confirmed her departure, which comes after 4-and-a-half years with the Le Brassus, Switzerland-based brand, on social media. “Celebrating the journey with the exceptional AP Americas team,” Wright said in a post on LinkedIn. “Grateful for the unforgettable moments, the camaraderie, and the collective achievements we've shared,” she said.

Her successor is Louis-Gabriel Fichet, who most recently served as the managing director of AP's operations in France and Spain and will take over as CEO of North America, the brand confirmed. An official announcement is expected later this summer. The family-controlled independent company is the fourth-largest Swiss watchmaker by sales, with revenue rising approximately 3% in 2024 to around CHF 2.4 billion, according to estimates by Morgan Stanley and LuxeConsult.

A significant change in the executive suite at Richemont-owned Panerai, where Brand President of North America, Philippe Bonay, will be departing at the end of the year, following a remarkable and highly influential tenure with Richemont. A successor has yet to be named, a company spokesperson confirmed. Bonay has been with Richemont for 28 years, including about 14 at Panerai, where he played a critical role in boosting sales at the Italian dive watch brand, which soared to prominence on the meaty wrists of movie stars including Arnold Schwarzenegger and Sylvester Stallone in the late 1990s and early 2000s. 

Bonay discussed the brand and its history in-depth at an event with Hodinkee in New York in 2023. He has also served as a key executive at other Richemont brands, including Jaeger-LeCoultre, where he was responsible for developing several important watches, including the Reverso and the Tribute to 1931 U.S. Edition, and the Geophysic 1958. Bonay also held the position of president of A. Lange & Söhne in North America, and previously worked in France and Asia. Panerai is currently the sixth-largest watch brand in the Richemont group, outpacing sales at Piaget and A. Lange & Söhne but smaller than Jaeger-LeCoultre, IWC, and Vacheron Constantin, according to estimates by Swiss bank Vontobel.

And finally, at Chrono24, Tobias Hartmann, a veteran e-commerce executive, has been named chair of the board of directors. He takes over for company co-founder Tim Stracke, who will remain on the board. Hartmann was previously the Chief Executive of Germany's Scout24 Group SE, a publicly-listed online marketplace that includes platforms for cars and real estate. 

He has also served as an executive at HelloFresh and eBay, according to his LinkedIn page. Stracke served as co-CEO of Chrono24 until January 2024, when Carsten Keller, a former Zalando executive, took over the top position. Stracke announced the move on LinkedIn, stating that it was essential to have an independent voice as chair.

With listings of more than 500,000 watches at any one time, Chrono24 is the biggest dedicated timepiece selling platform, and just recently rebranded with a new logo and tagline. The tech company has previously said it was considering an IPO, but those plans were put on hold amid turbulence in the financial markets and a downturn in used prices for luxury watches. It raised $118 million in a financing round in 2021 and was previously said to be valued at more than $1 billion. Shareholders in the company include Stracke and a host of private equity firms. Chrono24 has also attracted celebrity investors, including soccer legend Cristiano Ronaldo and Formula 1 driver Charles Leclerc.