Le Locle, January 3rd 2017

Mr Aldo Magada is leaving his position as CEO and President of Zenith

Mr Jean-Claude Biver, President of the Watches Division of the LVMH group, is taking over interim management of Zenith

Mr Jean-Claude Biver: "I am writing to inform you of the departure of Aldo Magada from his position as CEO & President of Zenith. This decision was taken by mutual agreement and I would like to express my sincere thanks to Mr. Magada for his contribution as well as wishing him every success for the next stage of his professional career. I am personally taking over interim management. I want to be more involved and to create greater synergies between the group’s three brands. I’ll be working with the teams to give this brand the lustre it deserves."