November 7, 2017 / 7:13 PM / a year ago

UPDATE 1-Tod's chairman, CEO to start considering his future role - sources

(Adds details, source comments)

MILAN, Nov 7 (Reuters) - Tod’s chairman and majority owner Diego Della Valle is starting to consider his future role in the company, after the Italian luxury group made a surprise appointment of a new CEO, sources familiar with the matter said on Tuesday.

Della Valle, who currently serves also as one of two chief executives, told analysts he would “step aside” in view 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 remain as chairman.

On Monday Tod’s announced that it would replace long-serving Chief Executive Stefano Sincini, who has been with the company for over 30 years, with Bulgari sales executive Umberto Macchi di Cellere.

One of the sources said Della Valle would not “step down”, and another one explained that he said he would be less involved in day-to-day business, but would continue to supervise the company’s products and be in charge of the group’s communications.

A source close to the company said the comments on age were jocular and that any decision would be taken “when the time comes”.

But Della Valle stressed that his family - which holds 61.5 percent in the group - would not sell its stake, one of the sources added.

The top manager did not give any forecast for the company’s performance in the coming years although the company did say on Monday that it would be able to deliver results “in line with market expectations” this year.

One of the sources said that Tod’s would increase volumes and profitability working on its new digital strategy, improving its supply chain, communication strategy, with a turnaround expected to be visible in the second half of next year. (Reporting by Claudia Cristoferi Writing by Giulia Segreti Editing by Greg Mahlich)

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