Ferruccio Ferragamo to Exit Chairman Post at Salvatore Ferragamo

MILAN  – Ferragamo Finanziaria SpA, which controls the Salvatore Ferragamo company with a 54.28 percent stake, deposited on Tuesday the list of members which will be proposed during the general shareholders meeting for the renewal of the board scheduled on April 22, and there are a few surprises.

Contrary to the ongoing speculation circulating for months here, executive vice chairman Michele Norsa and chief executive officer Micaela le Divelec Lemmi are on the list will stay on, while chairman Ferruccio Ferragamo will leave his post, succeeded by his brother Leonardo.

The board will remain in charge until Dec. 31, 2023.

The list of members has been whittled down to 10 from 13, and includes longtime Ferragamo partner Peter Woo.

By mid-morning, the news had not much impacted the shares of Salvatore Ferragamo on the Italian Stock Exchange, which were up 1.36 percent to 16.37 euros.

As reported, Ferragamo Finanziaria SpA revealed in January it was cutting back the number of family members on the board of Salvatore Ferragamo and increasing the number of independent directors, giving a mandate to an executive search firm to complete the process.

WWD reported that market sources believed Norsa, whose contract is said to expire at the time of the annual meeting, would exit Ferragamo, as would Le Divelec Lemmi, who was appointed CEO at the end of July  2018. Rumors have also been swirling around the future of creative director Paul Andrew.


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