(Bloomberg) -- Swatch Group AG said Stephen Urquhart is retiring from the position of president of Omega, and the watch brand’s sales manager will replace him.

Urquhart, who turns 70 soon, will work on special projects and consult for Swatch Group, the company said in a statement Wednesday. He has worked since 1997 at the company. Raynald Aeschlimann will succeed him as of June 1.

Omega’s watches sell on average for more than $6,000.

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