The new board of directors of the Italian fashion company Giorgio Armani SpA is now fully capable of acting. It is composed as follows: Pantaleo Dell’Orco (President), Silvana Armani (Board Member) and Andrea Camerana (Board Member). There are also Giuseppe Marsocci (Chief Executive Officer and General Manager), Marco Bizzarri (Board Member), John Hooks (Board Member), Federico Marchetti (Board Member) and Angelo Moratti (Board Member).
The Board of Directors consists of eight members selected by the Foundation and the heirs: three representatives of the Armani family, four experts as well as the Chief Executive Officer and General Manager.
This came after the completion of Mr. Armani’s succession procedures, which were carried out in a timely manner, smoothly and with composure. The Board of Directors has started its work with the new and final composition. This corresponds to the founder’s instructions.
“The new Board of Directors of Giorgio Armani SpA consists of family members and the Chief Executive Officer (CEO). They are all long-time employees of Mr. Armani,” emphasized Dell’Orco. “You are supported by independent professionals with recognized competence and experience. This is the best guarantee for the continuation, enhancement and updating of the idea of beauty.”
He added that this also applies to the business model and ethical values that Mr. Armani has built over 50 years.
Board of Directors works with founding principles
The Board of Directors comprises eight members selected by the Foundation and the heirs. These include three representatives of the Armani family and four experts from the fashion and financial industries without operational authority. In addition, there is the CEO and General Manager, who is the only person on the board of directors who has operational management of the company.
At the same time as the constitution of the new board and the entry of the new members, important appointments were confirmed: Pantaleo Dell’Orco was confirmed as President, Giuseppe Marsocci was validated as CEO and General Manager.
“The Board of Directors will work in accordance with the founding principles defined by Mr. Armani,” the statement continued. These principles are guaranteed by the Giorgio Armani Foundation. According to the articles of association, their participation in the company’s capital must never be less than 30 percent. This applies regardless of future developments, such as the entry of new shareholders or a possible IPO.
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