Chanel's Global CEO Is Stepping Down
Maureen Chiquet will exit the company by the end of the month.
Maureen Chiquet, Chanel’s global chief executive officer since 2007, will exit the company at the end of the month.
WWD first reported the news, noting that the 52-year-old has cited differences in opinion over strategic direction as cause for her departure. Chanel chairman Alain Wertheimer will assume operational management duties in the interim.
In a statement to the trade, the company called Chiquet "instrumental in fostering innovation, driving corporate social responsibility and establishing the Chanel foundation.” The news comes one day after Chanel's spring 2016 couture show in Paris.
The Missouri native and Yale graduate previously worked at Gap Inc.’s offices and was praised for her work on the launch of Old Navy Brand in 1994. Chiquet later became president of Gap's Banana Republic brand before heading to Chanel in 2003, where she was named president of U.S. operations. She became CEO in 2007 during the company’s restructuring.
Pret-a-Reporter has reached out to Chanel for comment.