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Gedalio Grinberg, 76, the founder and chairman of the Movado Group, will be retiring as Chairman of the board on December 31st, according to an announcement from the Movado Group. Efraim Grinberg, who has been with the company since 1980 will succeed his father as Chairman as well as continuing on as president and CEO, positions he has held since 1990 and 2001 respectively. The elder Grinberg will stay on at the Movado Group as chairman emeritus, and Founder.
Gedalio Grinberg is a true veteran of the watch industry. A Cuban immigrant, Grinberg began his career in 1961 distributing timepieces in North America, realizing $175,000 in annual sales. Eight years later, Grinberg's North American Watch Corporation went public, netting an annual sales figure of around $5 million. By the early 1990's it had grown into the Movado Group, an international enterprise worth hundreds of millions of dollars, comprising such notable watch brand names as Concord and Movado, as well as new brands of its own creation, such as fashion watch ESQ. The Movado Group, which designs, manufactures and distributes Hugo Boss, Tommy Hilfiger and Coach watches, made industry headlines in 2004 with its acquisition of luxury Swiss watch brand Ebel.
Commenting upon his pending retirement, Gedalio Grinberg said, "I'm proud of all that our company has accomplished with the help of our employees and the confidence of our investors. After establishing a $30 million plus luxury watch business as a distributor in North America with two brands, our company strategically shifted its focus onto designing, manufacturing and distributing our own brands and as a licensee...We've established a strong track record and developed a company with great financial strength and a strong balance sheet."
He continued, "There are so many opportunities ahead for Movado Group. I’m confident Efraim and the management team we’ve developed around the world will lead our company to heightened levels of performance and enable our shareholders, employees and customers to continue to prosper and grow."
