Buchbauer will also continue to remain as chairman of the executive board.

In a statement, the company said that it will streamline the Swarovsi's various divisions under one entity. It also added, Buchbauer plans to "realign the company along a common vision, growth strategy and organization."

The crystal company, which has been a family-run business was so far run by an exective board of family members. Nadja Swarovski and Mathias Margreiter will  continue to serve on the executive board, and Markus Langes-Swarovski will leave to focus on his role as a member of the advisory board and chairman of the board of directors.