February 27, 2018 / 8:49 PM / 7 months ago

Eraldo Poletto leaves as CEO of Italy's Ferragamo

MILAN, Feb 27 (Reuters) - Italian luxury group Salvatore Ferragamo said on Tuesday Eraldo Poletto would step down from his position as chief executive, after less than two years in the job.

The decision comes after the Florence-based company, which is aiming to make its brand more contemporary and appealing, particularly among younger customers, said in December that it could not confirm its medium-term targets.]

Since launching its new plan in February last year the group has seen its core profit margins fall year-on-year.

The 90-year old brand said in a statement the decision was “in agreement and cooperation” with Poletto and that it would be effective from March 8.

Poletto was appointed as CEO in May 2016, succeeding long-standing boss Michele Norsa. Poletto was previously at Italian handbag maker Furla, whose sales doubled during his tenure.

“To Mr Poletto the most vivid appreciation for having contributed to the start of a new chapter in the company’s history, characterised by great dynamism,” the statement added.

Reporting by Giulia Segreti and Valentina Za, editing by David Evans

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