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Fourth generation takes over at Patek Philippe

Patek Philippe SA, the family-controlled watchmaker, announced today fourth-generation Thierry Stern has been appointed as president of the board of directors of the Geneva-based company.
Thierry Stern, who takes over from his father, Philippe Stern, started his new role at the end of August but the company has only now released an official statement. Philippe served as managing director from 1977 and took over presidency of the board in 1993. The Stern family has controlled the company, founded in 1839, since it was acquired by brothers Charles and Jean Stern in 1932.
Thierry began his hands-on training in the business in 1990 and has moved steadily through the company since, progressing to the role of vice president before taking over as president of the board. Patek Philippe is run by a management committee comprised of Thierry, Philippe and non-family CEO Claude Peny. 
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