- Push-out Score suggests push-out forces
- After less than two years in the position
- Praise for Poletto
- No successor named
(exechange) — Florence, Italy, February 27, 2018 — Eraldo Poletto, chief executive of Ferragamo, leaves — “in agreement and cooperation”. It is a change at short notice. As announced by Salvatore Ferragamo S.p.A. in a news release on Tuesday, February 27, 2018, Eraldo Poletto leaves his post as Chief Executive Officer at the Italian luxury goods company after less than two years in the position, effective March 8, 2018.
No company wants a CEO to flame out in the first years.
Ferragamo did not name a replacement for the position of Chief Executive Officer.
No reason given
In the announcement, Ferragamo did not explicitly explain the reason for Poletto’s imminent move, leaving room for speculation.
Precise information about Poletto’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the post at short notice and without comprehensible reasons being given.
Ferragamo said: “Salvatore Ferragamo S.p.A. … informs, in agreement and cooperation with Mr. Eraldo Poletto, that his office as Director and CEO of the Company will terminate with the Board of Directors approving 2017 financial Statement, scheduled on March 8, 2018.”
Share price decline
The change follows a decline in the share price of Salvatore Ferragamo S.p.A. since May 2017.
Chaired by Ferruccio Ferragamo
Salvatore Ferragamo S.p.A. is chaired by Ferruccio Ferragamo.
Ferruccio Ferragamo is Chairman of Salvatore Ferragamo S.p.A since 2006, and he is the eldest son of Salvatore and Wanda Ferragamo.
In the position of CEO since 2016
Eraldo Poletto has been appointed Chief Executive Officer of Salvatore Ferragamo S.p.A. in August 2016.
Graduated from the University of Turin, where Poletto earned a degree in business administration, he started his professional career in 1987 in the apparel sector in Miroglio Vestebene Group as marketing manager.
From 1989 to 1992 in the Girombelli Group, Poletto was responsible for retail and franchising stores of the brand Reporter.
After returning to Miroglio in 1992, Poletto held the position of General Brand Manager of the brand Caractère until 1997, when he moved to the United States and became Chief Merchandising Officer of the Retail Brand Alliance Inc. Group.
Initially responsible for the brands Casual Corner, Petite Sophisticate and August Max and their entire retail network, Poletto then took care of the acquisition and re organization of the Adrienne Vittadini brand in 2001 and Brooks Brothers in 2002.
In 2007 Poletto became President of Strategic Development and International Business for Brooks Brothers Inc.
From 2010 to 2012 he held the position of Chief Executive Officer of Furla, then Poletto became the CEO of Dunhill in the Richemont Group, and then returned back to Furla in 2013 as Chief Executive Officer, a position that he held until July 2016.
As a general rule, when a top leader announces to step aside with no successor available, it’s a signal that the move was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Eraldo Poletto’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 10.2018 ($).