Fossil Group Appoints Andrew Skobe as Interim CFO Amidst Strategic Transition
Fossil Group has announced a significant change in its executive team, engaging Ankura Consulting Group, LLC to provide interim CFO services. Effective immediately, Andrew Skobe has been appointed as the company’s Interim Chief Financial Officer, succeeding Sunil Doshi. Doshi, who is departing for another opportunity, will remain with Fossil until July 19, 2024, to ensure a seamless transition.
Skobe joins Fossil with an impressive background, bringing over 30 years of experience in financial, operational, and leadership roles. His expertise spans various sectors, including consumer goods, hospitality, investment banking, media & entertainment, and technology. This breadth of experience positions him well to support Fossil during its current phase of transformation and growth.
Acknowledging Leadership and Welcoming Expertise
Jeffrey N. Boyer, Interim CEO, expressed gratitude for Doshi’s contributions: “On behalf of the Board and management team, I want to thank Sunil for his leadership and dedication over the past four years. We wish him well as he pursues the next chapter in his career.”
Boyer also highlighted the strategic importance of Skobe’s appointment: “We are pleased to bring in Andy at this pivotal time for Fossil. He brings a wealth of relevant experience assisting companies during transformational stages and is highly skilled in business planning and forecasting, cash management, capital raising, and restructuring. We look forward to working with Andy and benefiting from his expertise as we continue to execute our Transform and Grow Plan and conduct our previously announced Strategic Business Review.”
A Seasoned Financial Leader
Skobe’s extensive career includes significant roles such as EVP and Chief Financial Officer for Radisson Hotel Group from 2017 to 2019 and EVP & CFO for Croscill Home-Excell-Glenoit. He also served as CFO for Icahn Enterprises and portfolio company WestPoint Home. His earlier career featured senior financial positions at Columbia House, Dun & Bradstreet, Marvel Entertainment, General Motors New York Treasurer’s Office, and JP Morgan Chase. Skobe holds a B.S. in Economics and Business Administration from Boston University and an MBA in Accounting and Corporate Finance from Columbia Business School.
Affirmation of 2024 Outlook
Alongside the leadership change, Fossil Group has affirmed its 2024 outlook. The company projects worldwide net sales of approximately $1.2 billion, an adjusted operating margin in the range of -3% to -5%, and positive free cash flow, which includes tax refunds of approximately $57 million received in the second quarter of 2024. Fossil plans to report its second quarter 2024 earnings on August 8, 2024.
Conclusion
The appointment of Andrew Skobe as Interim CFO marks a strategic move for Fossil Group as it navigates its transformation and growth initiatives. With Skobe’s extensive experience and the company’s clear financial outlook, Fossil is poised to continue its evolution in the competitive market. The transition period led by Sunil Doshi ensures stability, while Skobe’s expertise promises to drive forward Fossil’s strategic objectives, making this an exciting period for the company and its stakeholders.
For more information, please visit https://www.fossilgroup.com/.
