Maureen Chiquet stepping down as global CEO of Chanel

Due to difference of opinion over the direction of the brand, Maureen Chiquet, the globel CEO of Chanel, will be leaving the company at the end of the month. Alan Werthmeier, chairman of Chanel, will be taking over Chiquet's responsibilities.

Chiquet spent nine years at Chanel, during which she oversaw the international expansion of the brand, and grew the business in each of its respective categories from ready-to-wear to accessories. She was at the helm of the company during the peak of the global financial crisis during the mid 00s when luxury brands were struggling. Despite the economic crisis, she still manage to propel Chanel's position as a successful luxury brand.

In a statement, the company praised Chiquet for being "instrumental in fostering innovation, driving corporate social responsibility and establishing the Chanel foundation."

It is unclear as to what her next move will be professionally, or if Werthmeier will be permanently taking over the role, or if an official replacement will be sought for the role of global CEO. A representative for Chanel wasn't immediately available for comment.

photo:accessatlanta.com