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Movado Group President Steps Down
Ricardo Quintero is leaving as the watch company works to streamline its operations and cut costs.
Paramus, N.J.--Movado Group announced Tuesday that President Ricardo Quintero has been let go. His departure is part of an effort to streamline the company’s operations, a Movado spokesperson said.
Members of the senior management team will assume Quintero’s responsibilities, though no further details were released about the transition.
Quintero, who was named president of Movado Group in July 2014, will remain with Movado through the end of the month.
Movado announced in its fourth quarter and full year earnings release that it was cutting positions as part of a cost-saving initiative.
As the retail environment remained difficult and its retail partners showed a greater focus on inventory management, Movado Group said sales decreased 12 percent in the United States in the fourth quarter ended Jan. 31, and by 9 percent in the region in the full fiscal year.
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