06:07 PM EDT, 03/13/2024 (MT Newswires) -- Fossil Group ( FOSL ) said Wednesday Kosta N. Kartsotis stepped down as chief executive officer and a board member, effective immediately.

Kartsotis will remain in a transitional role at the company until September and then work as a consultant through September 2025.

The company selected Jeffrey N. Boyer, current chief operating officer, as interim CEO and board member. Kevin Mansell, the lead independent director on the company's board was named board chairman, the company said. The company has initiated the selection process for permanent CEO.

Separately, Fossil Group ( FOSL ) reported a Q4 net loss of $0.54 per diluted share, wider than the $0.18 loss during the year-ago period. Net sales for the quarter ended Dec. 30 fell to $421.3 million from $499.1 million the prior year.

Looking forward, the company is projecting worldwide sales during 2024 around $1.2 billion.

Analyst estimates were not available on Capital IQ.

Fossil Group ( FOSL ) also said it has started a strategic review of its current business model and capital structure. It hired Evercore as financial advisors to assist with the process, which may include monetizing selected assets.

Fossil Group ( FOSL ) shares were more than 3% higher in after-hours activity.

Price: 0.9, Change: +0.03, Percent Change: +3.65