Ferragamo chairman hopes new CEO will come from within company

Florence

THE chairman of Italy's Salvatore Ferragamo said on Friday he hoped the luxury group's new chief executive will come from within the company, as it presses ahead with an ambitious industrial plan.

The group, based in Florence, launched a major revamp of its strategy and products early last year, seeking to attract younger customers and reverse falling sales and profitability.

But the family-owned firm struggled to keep pace with its targets and issued a profit warning in December. In March, CEO Eraldo Poletto unexpectedly left the company.

"The new CEO must love and understand Ferragamo and I hope will come from within the company," chairman Ferruccio Ferragamo said as the group's annual shareholders meeting in Florence ended.

He excluded the possibility that the new CEO would be a Ferragamo family member.

Mr Ferragamo took temporary charge after Mr Poletto stepped down but said he intended to hold the reins for as short a period as possible.

Although the company did not give reasons for the sudden departure of the CEO at the time, Mr Ferragamo said on Friday that there had been "divergences on certain points" with Mr Poletto. REUTERS