MILAN (Reuters) - Salvatore Ferragamo (MI:SFER) will set up an executive management committee to steer the Italian luxury group through a revamp delaying the appointment of a new chief executive, two sources close to the matter said.
Chairman Ferruccio Ferragamo in March took temporary managing powers at the Florentine shoemaker following the exit of CEO Eraldo Poletto, who had been appointed in August 2016.
The chairman said at the time he would run the company for as little as possible though the group would take the time needed to find the right candidate, who would come from outside the company.
One of the sources told Reuters the executive committee the chairman was pulling together would include managers from outside the company. The source added that it could take up to eighteen months to find a new CEO.
The family-owned firm, famous for shoes worn by Hollywood stars such as Audrey Hepburn, is striving to make its products more contemporary and appealing to a younger clientele and reverse falling sales and profitability.
"(Ferragamo) will not take a leap in the dark in choosing a successor (to Poletto)," the second source said.