The Board of Compagnie Financière Richemont SA met and, inter alia, considered succession planning in order to continue addressing age, tenure, skills and geographic representation on the Board while preserving the wealth of knowledge that long-serving Board members have brought to the decision-making process of the Group. Guillaume Pictet and Jean-Blaise Eckert, Non-executive Directors of the Company since 2010 and 2013, respectively, have indicated that they will step down from the Board at the end of the current financial year, on 31 March 2024, to enable a smooth handover of their committees' responsibilities. Mr. Pictet is a member of the Governance and Sustainability, Audit and Compensation Committees while Me Eckert is a member of the Audit Committee.

Clay Brendish and Maria Ramos have also indicated that they will step down from the Board at the end of the next financial year ending on 31 March 2025. Ms. Ramos was appointed to the Board as a Non-executive Director in 2011 and is a member of the Compensation Committee. Mr. Brendish was appointed to the Board as a Non-executive Director and the Lead Independent Director in 2017.

He also serves as the Chairman of the Strategic Security and Compensation Committees and is a member of the Audit and Nominations Committees as well as the Governance and Sustainability Committee of which he served as the Chairman until February 2022. In addition, Richemont announced the nomination of Fiona Druckenmiller for election to the Board of Directors. Her appointment as a Non-executive Director is subject to the approval of shareholders at the 2023 AGM due on 6 September 2023.