Luxury group Richemont has announced the retirement of Callum Barton, currently president and chief executive of Richemont North America.

Barton, who is leaving on 31 October, will be replaced by Daniel Mawicke, currently COO.

Barton is also stepping down from his position as a member of the board of directors. He joined Richemont in 1975 and has held senior management positions at the functional, brand and regional levels.

"Callum has been a friend and trusted colleague for over thirty years. He was an integral part of the original Cartier management team and he has made a substantial contribution to the development of Richemont," said Johann Rupert, Richemont executive chairman.

Rupert added that Barton will help him in a consultancy role for the next three years

Richemont's assets include the Chloe fashion label.