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Salvatore Ferragamo CEO to exit role by end of 2019

Salvatore Ferragamo CEO to exit role by end of 2019
Vivian Hendriksz| Friday, 22 April 2019

London - Michele Norsa, Chief Executive Officer of Salvatore Ferragamo SpA, is set to leave his role at the luxury conglomerate by the end of the year. His departure comes after more than a decade at the head of the Italian firm, according to a statement issued by the company on Thursday.

News of Norsa's exit comes a month after the departure of Salvatore Ferragamo creative director Massimiliano Giornetti, although the company states there is no link between their exits. Norsa impending departure has been linked to his desire to "prioritize family" and "focus on new professional interests after a long period of intense efforts and rewarding results."

Michele Norsa to departure position at Salvatore Ferragamo by end of the year

Salvatore Ferragamo added that "in agreement and full co-operation" with Norsa, they expect "to complete all the steps aimed at ensuring a smooth CEO succession within the current financial year." Norsa is also expected to remain "fully committed to his current role until a new CEO is appointed."

The current CEO, who has been credited with successfully leading the company's public listing and helping it grow internationally, is to remain on the board in a non executive role until the shareholders' meeting approving the 2019 financial statement, which is expect to take place sometime in the first months of 2019.

Norsa was first appointed CEO in 2006, becoming the first leaders of the family-held conglomerate who was not a part of the founding family. His experience with public listings has been crucial to Salvatore Ferragamo growth, as well as his ability to foster a healthy working relationship with the numerous family members he worked together with, without losing sight of the company's goals.

Following Salvatore Ferragamo IPO in 2011, the luxury conglomerate has seen profits and sales grow significantly, reaching net profits of 174.5 million euros in 2015, a 6.7 percent increase compared to 2014. Meanwhile, revenues have increased 7.4 percent to 1.43 billion euros as the company continues to expand.






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