Popular Austrian crystal and jewelry firm, Swarovski, announced Stephan Mechnig as its new Chief Legal and Compliance Officer effective from October 1st. This appointment follows the company’s recent shift from a family-managed to a family-owned business. This transition was marked last year, when former McKinsey & Co. executive Alexis Nasard was picked out as the company’s CEO, the first non-family member to hold this position since Swarovski’s establishment in 1895.
For legal professionals, changes in the corporate structure of such iconic companies can be significant, specifically in terms of setting new precedents and dealing with evolving regulations. Law departments in different corporations and firms need to monitor such developments closely to stay ahead in the competitive market.