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Fossil CFO Kovar plans to retire in March 2013

RICHARDSON, Texas (AP) -- Fossil's chief financial officer, Michael Kovar, plans to retire in March 2013, the watch and accessories company said Thursday.

Kovar joined Fossil Inc. in March 2000 and became CFO in October of that year. He said in a statement that he plans to pursue personal interests and spend more time with his family once he retires.

Fossil says it has started a search for Kovar's successor.

Last month the Richardson, Texas, company named John White as executive vice president and chief operating officer. He succeeds Michael Barnes in the COO role. Barnes left Fossil in September 2010 to become CEO of Signet Jewelers Ltd.

Fossil also announced in August that its second-quarter net income climbed 12 percent, buoyed by growing demand in Asia and strong watch sales.

Fossil shares fell 27 cents to $83.79 in morning trading Thursday. They are down 40 percent from their 52-week high of $139.20 in early April. They traded as low as $62.77 in mid-July.