Tod’s: there is a reason why Ferragni and Montezemolo are out of the BoD

Off the stock exchange and a revolution in the BoD. Tod’s new BoD will not have Chiara Ferragni, Luca Cordero di Montezemolo and Luigi Abete. The latter was tied to the group due to a strong friendship with Diego Della Valle. Gruppo Tod’s is shedding its skin while approaching the delisting and on the agreement reached with L Catterton, the official press release says. “DI.VI, Finanziaria, instrument of Diego Della Valle & C. Srl, presented a new list of candidates to make up the BoD also based on the deal reached with l Catterton, confirmed to the market on February 15^th 2024”.

The deal with L Catterton

The deal with L Catterton will not just bring Tod’s outside the stock exchange. At the end of the OPA, the French group will have 46% of the company (36% L Catterton + 10% Delphine, both owned by LVMH). Therefore, they will greatly impact the company’s management. The first effects of the change are immediate and tied to the election of the new Board of Directors of the Italian group.

Ferragni and Montezemolo out of the BoD

Stakeholder DI.VI. Finanziaria presented the list of candidates to be presented at the General Assembly scheduled for the end of April. This list excluded the names of Chiara Ferragni (who joined the BoD in April 2012), ex-president of Ferrari Luca Cordero di Montezemolo, and the ex-president of BNL, Luigi Abete. Yet, the list includes Diego Della Valle, Maria D’Agata (General Counsel of Intercos Cosmetica) and Andrea Della Valle, current vice-president. As reads an official statement by the group, the choice made by Della Valle isn’t tied to the current social troubles of Chiara Ferragni. Nor are they tied to the fact she missed 14 of the 17 meetings she was supposed to be attending. It’s just a natural change of direction for the French group.

The BoD’s salaries

Website Calcio e Finanza summarizes the salaries received by the BoD of Gruppo Tod’s in 2023. Diego Della Valle 3.648.500 euro (2.029.550 euro in 2022) and Andrea Della Valle 2.448.150 euro (1.369.200 euro in 2022). Luigi Abete 47.450 euro (49.550 euro in 2022), Luca Cordero di Montezemolo 38.100 euro (39.150 euro in 2022) and Chiara Ferragni 37.400 euro (36.700 euro in 2022).

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