PARAMUS, N.J.--(BUSINESS WIRE)--Movado Group, Inc. (NYSE:MOV) today announced organizational changes to accelerate the Company’s digital transformation, speed decision making and position the Company to better meet consumers’ preferences. Effective today, Behzad Soltani, currently President, Direct to Consumer and Chief Digital Officer, is being promoted to Executive Vice President, Commercial President and Chief Technology Officer; and Sallie DeMarsilis, Chief Financial Officer, is being promoted to Executive Vice President, Chief Operating Officer and Chief Financial Officer. Both Mr. Soltani and Ms. DeMarsilis will continue to report to Efraim Grinberg, Chairman and Chief Executive Officer.
Mr. Grinberg stated, “We are excited to announce the promotion of both Behzad and Sallie, who have been outstanding members of our executive team and have proven track records of success and strong leadership skills. This new management structure will support the unification of our distribution channels in our ongoing focus on putting consumers first and allowing them to connect with our great brands, designs and platforms wherever and whenever they choose to shop.”
In his new role, Mr. Soltani will have responsibility for the Company’s global wholesale business, Movado Company Stores, E-commerce, the Digital Center of Excellence and Global Information Technology. By aligning wholesale and direct-to-consumer sales under one omni-channel leader, the Company expects to realize greater synergies among its various distribution channels. Mr. Soltani joined the Company in 2018 as Chief Digital Officer and created the Digital Center of Excellence. Earlier this year, he was promoted to President, Direct-to-Consumer and Chief Digital Officer with responsibility for both the Company’s Digital Center and Company Stores.
Following her promotion, Ms. DeMarsilis will have responsibility for Finance and Accounting, Value Chain, Distribution and Business Controls. The expansion of Ms. DeMarsilis’s portfolio should help ensure ongoing alignment between the Company’s cost structure and its financial planning function. Ms. DeMarsilis began her career at Movado Group in January 2008 as the Senior Vice President and Chief Financial Officer. She has been instrumental over the past several years as the Company has grown the business, including the acquisitions of Olivia Burton and MVMT. Most recently Ms. DeMarsilis has been playing a critical role in helping to ensure a strong balance sheet and to drive the Company’s financial and operational strategy during the COVID-19 pandemic.
Efraim Grinberg, Chairman and Chief Executive Officer, will continue to provide strong oversight and strategic direction for the Company as a whole. The organizational changes announced today are expected to allow Mr. Grinberg to increase his day-to-day focus on brand building for the Company’s licensed and owned brands, with brand leadership for MVMT, Olivia Burton and Movado reporting directly to him.
Movado Group, Inc. designs, sources, and distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, LACOSTE®, SCUDERIA FERRARI®, REBECCA MINKOFF® and URI MINKOFF® watches worldwide, and operates Movado company stores in the United States and Canada.
