Tod's chairman and chief executive, Diego Della Valle, 57, said his brother Andrea Della Valle, who is 45 years old, will have a larger role in running the company but ruled out that he will give up working for the company.

Andrea is already deputy chairman and co-chief executive. Tod's has a third chief executive, Stefano Sincini, who is also general manager. The company will have “three pilots,” Diego Della Valle explained.

There had been speculation that Della Valle wanted to spend more time managing his other investments and interests, such as the nearly 20 percent stake in the American department store chain Saks and the 5 percent stake in the publisher RCS. He is also on the board of other companies such as Generali, Italy's largest insurance company. In early April, Generali's chairman, Cesare Geronzi, resigned after clashing with directors following an attack led by Della Valle.