Fossil Group (FOSL) Announces CFO Transition, Affirms 2024 Outlook

Fossil Group, Inc. (NASDAQ: FOSL) announced today it has engaged Ankura Consulting Group, LLC to provide interim-CFO services and has appointed Andrew Skobe as the Company’s Interim Chief Financial Officer, effective immediately. Skobe assumes the CFO role from Sunil Doshi, who is leaving the Company for another opportunity. Doshi will remain with the Company through July 19, 2024 to ensure a smooth transition. The Company has initiated a search for a permanent CFO successor to Mr. Doshi.

Skobe brings to Fossil more than 30 years of financial, operational and leadership experience, including business transformation and integration, capital raising and restructuring, global operations and M&A. His background spans publicly traded companies, private equity and startups across multiple sectors, including consumer goods, hospitality, investment banking, media & entertainment and technology.

“On behalf of the Board and management team, I want to thank Sunil for his leadership and dedication over the past four years,” said Jeffrey N. Boyer, Interim CEO. “We wish him well as he pursues the next chapter in his career.”

“We are pleased to bring in Andy at this pivotal time for Fossil,” added Boyer. “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.”

Prior to Ankura, Skobe was EVP and Chief Financial Officer for Radisson Hotel Group from 2017 to 2019. Previously, he spent four years as EVP & CFO for Croscill Home-Excell-Glenoit, a portfolio of private equity owned companies and five years as CFO for Icahn Enterprises. During his tenure with Icahn, Skobe was Chief Financial Officer for portfolio company WestPoint Home. Earlier in his career, Skobe held senior financial positions with Columbia House, a $1 billion video and entertainment company owned by Blackstone Private Equity, 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.

Affirms 2024 Outlook

Fossil today said that it is affirming its 2024 outlook, including worldwide net sales of approximately $1.2 billion, adjusted operating margin¹ in the range of -3% to -5% and positive free cash flow², inclusive of tax refunds of approximately $57 million, which were received in the second quarter of 2024. The Company expects to report its second quarter 2024 earnings results on Thursday, August 8, 2024.

^{(1) A reconciliation of adjusted operating margin, a non-GAAP financial measure, to a corresponding GAAP measure is not available on a forward-looking basis without unreasonable efforts due to the high variability and low visibility of certain income and expense items that are excluded in calculating adjusted operating margin. (2) Free cash flow is a non-GAAP financial measure, defined as net cash from operating activities less net cash used in investing activities. A corresponding reconciliation of free cash flow to a corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort.}

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