Giorgio Armani names new board of directors

The new board of directors of Giorgio Armani SpA is fully operational. It is composed of Pantaleo Dell’Orco (president), Silvana Armani (board member), Andrea Camerana (board member), 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 company announced the news in a statement reading: “Today, with the completion of the procedures regarding Mr Armani’s succession, carried out within the scheduled timeframe with great fluidity and serenity, the shareholders’ meeting was able to meet and appoint the new board of directors.” The board has taken office in its new and final composition, aligning with the provisions left by the brand's late founder.

“The new board of Giorgio Armani SpA is composed of family members and the chief executive officer, all long-standing collaborators of Mr Armani, alongside independent professionals of recognised competence and experience. This represents the best guarantee for the continuation, enhancement and updating of the idea of beauty, the business model and the ethical values built by Mr Armani over 50 years of history. It allows us to best face the challenges and opportunities of the market,” emphasised Dell’Orco.

The new board of directors consists of eight members chosen by the foundation and the heirs. These include three representatives of the Armani family and four expert advisors in the fashion and finance sectors without operational powers. The chief executive officer and general manager is the only employee included in the board and is entrusted with the operational management of the company.

Concurrently with the establishment of the new board and the entry of the new directors, the appointments of Dell’Orco as president and Marsocci as chief executive officer and general manager were validated.

“The board will operate in compliance with the founding principles defined by Mr Armani. These are guaranteed by the Giorgio Armani Foundation. Its participation in the company’s capital is established to never be less than 30 percent, regardless of future developments that could lead to the entry of new shareholders or a listing on the stock exchange,” the statement continued.

The members of the Armani Foundation are Pantaleo Dell’Orco (president), Andrea Camerana (board member), Irving Belotti (board member), Elena Terrenghi (board member) and Andrea Silvestri (board member).

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