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Ferragamo Confirms CEO Will Stay in role, Quells Talk of Imminent Shake-up

Ferragamo Confirms CEO Will Stay in role, Quells Talk of Imminent Shake-up

Tuesday, 30 March, 2021 - 08:45
A woman walks past a Salvatore Ferragamo shop in Singapore May 19, 2017. (Reuters)

Salvatore Ferragamo Chief Executive Micaela le Divelec will remain at the helm of the Italian luxury group, the Ferragamo family’s holding company said on Tuesday, dampening press speculation of an imminent management shake-up.


Le Divelec’s efforts to turn around the brand famous for shoes worn by Hollywood stars such as Audrey Hepburn have been hampered by the coronavirus pandemic, which has hit Ferragamo, with its heavy focus on airport spending, harder than rivals.


Sources close to the matter said it was not clear whether she would stay on for the full three-year mandate of the new board, due to be appointed by shareholders on April 22.


Shareholder Ferragamo Finanziaria, which controls the group with a 54% stake, submitted its list of board candidates on Tuesday, confirming le Divelec in her role and indicating that Michele Norsa would also remain as the group’s executive vice chairman.


Leonardo Ferragamo is due to replace his brother Ferruccio as non-executive chairman of the company. Ferruccio Ferragamo will leave the board of Ferragamo but remains chairman of Ferragamo Finanziaria.


Norsa, a former CEO of the group, was brought back last year to help revamp the brand and weather the COVID 19 storm.


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