Fossil Group appoints interim CFO amid business review

Fossil Group has announced that its current chief financial officer, Sunil Doshi, will be stepping down from the helm position to be succeeded by Andrew Skobe, who is to take on the role in an interim capacity.

Doshi, who is leaving the company “for another opportunity”, will remain with Fossil until July 19, 2024, to ensure a smooth transition, while the search for his permanent successor begins.

Skobe joins Fossil from Ankura Consulting Group, LLC, where he has served as managing director since June 2023.

Prior to this, Skobe was EVP and CFO for Radisson Hotel Group and had also spent four years in the same positions at Croscill Home-Excell-Glenoit, a portfolio of private equity owned companies.

He joins Fossil at a pivotal time for the group as it continues to undergo a strategic business review after reporting a fourth quarter sales drop of 15.6 percent earlier this year.

The review builds on an ongoing Transform and Grow (TAG) Plan announced in March 2023 which came with the mission of reducing operating expenses and improving operating margins.

In a release, Jeffrey Boyer, Fossil’s interim CEO who was appointed in March 2024, recognised Skobe’s experience as an opportunity for Fossil and its transformational stages, adding: “We look forward to working with Andy and benefiting from his expertise as we continue to execute our TAG Plan and conduct our previously announced Strategic Business Review.”