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Kering SA (OTC:PPRUF) (OTC:PPRUY) disclosed the departure of Gucci CEO Marco Bizzarri effective September 25.
The company named managing director Jean-Francois Palus as the new CEO and president for a transitional period.
Apart from this, the company also disclosed a series of other top management changes.
Kering announced the appointment of Francesca Bellettini, current President and CEO of Yves Saint Laurent, as Deputy CEO.
“I look forward to working with Francesca in her new executive leadership role; while being instrumental in multiplying revenues sixfold since she joined Saint Laurent, she has been a fantastic partner, and all brands as well as the Group will now benefit from her expertise. Jean-Marc has overseen our transformation into an integrated Luxury group, and I count on him to continue infusing discipline and responsibility across the organization and foster the continuing development of best-in-class practices in all our operations. Jean-François has been my right-hand man and a daily sparring partner for several decades, he will now focus his energy on getting our largest asset in top shape, and I couldn’t be more grateful.”
Also Read: Gucci Owner Kering Buys Iconic Fragrance Brand Creed
Price Action: PPRUF shares closed lower by 3.27% at $550.00 on Tuesday.
