CEO of Baselworld Owner MCH Resigns

RAPAPORT... Ren?(C) Kamm has stepped down as CEO of MCH Group, the parentcompany of Baselworld, less than a week after Swatch Group said it would nolonger be attending the annual watch and jewelry show. Kamm (pictured) reached the joint decision with theboard "in view of the fundamental transformation phase" in the company'soperations, MCH said Friday. The executive has been with MCH for nearly 20years, joining in 1999 as the director of Baselworld, and had been group CEOsince 2003. Last week, Swatch Group, the fair's largest exhibitor,announced it would not come to the 2019 edition of the event. Nick Hayek, CEO of the 18-brand group, citedthe show's inability to keep up with changes in the industry, and described thefair's management as "a little bit arrogant and snobby" in a CNBC interview. Kamm will advise MCH over the coming months to ensure asmooth transition. Ulrich Vischer, chairman of its board, will lead the companyuntil it finds a replacement. The latest change comes after Sylvie Ritter left herposition as managing director of Baselworld in May, a post she had held for 15years. MCH's share price has fallen 13% since Swatch Groupannounced its move. "The decision by Swatch Group not to participate inBaselworld 2019 will have an effect on the results for 2019 that are as yetinestimable," MCH said.