Ferragamo C-Suite shake-up expected

WWD has reported that Salvatore Ferragamo has decided to reduce the number of family members sitting on the board and increase the number of independent directors. A mandate has been given to an executive search firm to complete the process.

The current board will stay in place until the end of the 2020 financial year, which closed on December 31, and will be approved during the annual general meeting on April 22. Ferragamo is expected to name a new president who will not have an executive role. Ferrucio Ferragamo is expected to remain as chairman.

Michele Norsa, who joined Ferragamo in May 2020, is rumored to be leaving the company, as is CEO Micaela le Divelec Lemmi. There has been speculation that Ferragamo would sell the company, but the family continues to squash these rumors.

Norsa’s recent tenure at Ferragamo marks his second time at the company. He previously spent ten years helping the company grow and was behind its public listing as CEO. He was previously at Ferragamo from 2006 to 2016.

Ferrucio Ferragamo’s son resigned from the board last year, which allowed Norsa to take over the executive powers in Ferrucio once held. James still works at the company as communication director. Ferragamo’s chief marketing officer, Riccardo Vannetti, also exited the company in October.

photo: via Salvatore Ferragamo Facebook page