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Tod's Chairman, CEO Della Valle to review position at group - sources
November 7, 2017 / 4:03 PM / 14 days ago

Tod's Chairman, CEO Della Valle to review position at group - sources

MILAN, Nov 7 (Reuters) - Tod’s Chairman and Chief Executive is considering reviewing his role in the company after the Italian luxury group appointed a new CEO, two sources told Reuters on Tuesday.

Chairman and CEO Diego Della Valle told analysts he would “step aside” in light of his age, 63, and the appointment of the new executive, the sources quoted him as saying at the group’s investor day.

Della Valle did not specify what role he would be leaving but the sources said they understood he would hold on to his position as chairman. His family holds a 61.5 percent stake in the group.

The top manager did not supply any outlook figures for the coming years, the sources added.

On Monday Tod’s said that it would replace long-serving Chief Executive Stefano Sincini with Bulgari sales executive Umberto Macchi di Cellere.

The group said it was confident it would be able to deliver results “in line with market expectations”, after posting a worse than expected 4.7 percent drop in its nine-month sales. (Reporting by Claudia Cristoferi, writing by Giulia Segreti, editing by Stephen Jewkes)

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