The majority shareholder in Salvatore Ferragamo has presented its slate of candidates for the Italian luxury group’s new board, with Micaela Le Divelec Lemmi confirmed as CEO despite speculation of a management shakeup. Executive deputy chairman Michele Norsa, the CEO of Ferragamo from 2006 to 2016 who rejoined the company in May 2020 to help revamp the brand and help it ride out the Covid-19 pandemic, is also staying on for a new mandate.
Ferragamo’s new board is set to be elected by shareholders on April 22. Its term is set to run until the approval of financial statements in spring 2023.
The slate of candidates presented by Ferragamo Finanziaria, which is owned by the Ferragamo family and holds 54.28 percent of Salvatore Ferragamo, also foresees representation for three members of the family. Leonardo Ferragamo has been tapped to take on the role of chairman, replacing his brother Ferruccio in the post, which is being downgraded to a non-executive position. Family members Giacomo Ferragamo and Angelica Visconti are also set to have seats on the new board, which is being reduced to 10 from a previous 13.
The proposed board also includes four independent directors and a director position for Peter Woo, who owns 6.0 percent in Salvatore Ferragamo through Majestic Honour Limited and is already a member of the company’s board.
Minority shareholders, asset managers and institutional investors owning over 1.7 percent of the company’s stock, also proposed a slate of two board candidates: Anna Zanardi, an advisor to top management and professor at the Luiss business school in Rome, and Armando Branchini, the former vice present of Altagamma and an expert in the fashion and luxury sector.
Meanwhile, the company also unveiled a new online game called “Enigma” on its official website, as part of a strategy to increase its online visibility and engage with younger consumers. Users are asked to respond to four enigmas while discovering the Salvatore Ferragamo spring 2021 collection and exploring several locations in Milan. Those locations served as the backdrop for a short movie that director Luca Guadagnino filmed to present the spring collection, drawing on inspiration from Alfred Hitchcock movies.