Fossil Group Appoints Andrew Skobe as Interim CFO Amid Business Review

Fossil Group has announced the appointment of Andrew Skobe as interim chief financial officer, succeeding Sunil Doshi, who is stepping down for “another opportunity.” Doshi will remain with the company until July 19, 2024, to ensure a smooth transition while the search for a permanent successor begins.

Andrew Skobe joins Fossil from Ankura Consulting Group, LLC, where he has served as managing director since June 2023. Prior to this role, Skobe was EVP and CFO for Radisson Hotel Group and held the same positions at Croscill Home-Excell-Glenoit, a portfolio of private equity-owned companies.

Skobe’s appointment comes at a critical time for Fossil Group, which is undergoing a strategic business review following a fourth-quarter sales drop of 15.6 percent earlier this year. This review is part of the ongoing Transform and Grow (TAG) Plan announced in March 2023, aimed at reducing operating expenses and improving operating margins.

Jeffrey Boyer, Fossil’s interim CEO appointed in March 2024, highlighted Skobe’s extensive experience as a valuable asset for the company during this transformational phase. “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,” Boyer stated in a release.

Fossil Group’s commitment to strategic adjustments and leadership changes underscores its focus on navigating current challenges and positioning itself for future growth. Skobe’s expertise in financial management and strategic planning is expected to play a crucial role in steering the company through this period of transformation.