Salvatore Ferragamo: CEO steps down, stock plummets

(CercleFinance.com) - Italian luxury goods group Salvatore Ferragamo announced last night the forthcoming departure of its CEO Marco Gobbetti, resulting in a drop of more than 3% in its share price on the Milan Stock Exchange.


In a press release, the Florence-based group explained that the decision had been taken 'by mutual agreement' with the executive, who will leave the company in March.

Chairman of the Board Leonardo Ferragamo thanked the contribution of Marco Gobbetti, who was appointed CEO in January 2022, and credited him with the brand's renewal, positive business development, product innovation and market repositioning.

He also praises the "important" work carried out by Marco Gobbetti, formerly of Burberry, in terms of operational organization, which he believes puts the company in a good position for its turnaround.

Ferragamo indicates that it has begun its search for a new CEO, and that Leonardo Ferragamo himself will act as interim CEO in the meantime.

This departure comes a few days after the publication of better-than-expected 4th quarter sales, marked by organic growth of 1%, a positive figure for the first time in two years.

At 4:40 pm, the share price was down 3.5%, bringing its increase over the last three months to around 19%.

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