- After around four years on the job
- Thanks for Presca
- Gregorio Borgo taking over
(management-change.com) — Biadene Di Montebelluna, Italy, January 12, 2017 — Giorgio Presca, chief executive of Geox, leaves. It is an abrupt change. As announced by The Geox S.p.A. in a news release on Thursday, January 12, 2017, Giorgio Presca leaves the post as Chief Executive Officer at the Italian brand of shoe and clothing manufactured with waterproof/breathable fabrics in a surprising move after around four years on the job, effective immediately.
Presca’s duties are taken over by Gregorio Borgo, most recently General Manager for Operations in the tyre sector at Pirelli Group.
The fact that Presca’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider doesn’t have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Geox did not explicitly explain the obviously compelling reason for Presca’s sudden move, opening the door for speculation.
Generally speaking, it is often a wake-up call for stockholders when a CEO leaves the post abruptly and without comprehensible reasons being given.
Geox said: “[T]he Company and Giorgio Presca have reached an agreement to terminate Mr Presca’s relationship as an employee and Director effective from today.”
Precise information about the future plans of Presca was not immediately available.
Share price decline
The change follows a decline in the share price of The Geox S.p.A. since November 2015.
Chaired by Mario Moretti Polegato
The Geox S.p.A. is chaired by Mario Moretti Polegato.
He is the President of the Company and founder of the Group.
On the job as CEO since 2012
Giorgio Presca was appointed CEO of Geox Group in September 2012, after joining Geox in May 2011 as General Director Marketing and Product.
From 2007, before joining Geox, he was Chairman of VF Jeanswear International based in Los Angeles (CA) and subsequently he was named CEO of Citizens of Humanity.
From 2000 to 2007, he was Brand General Manager, VP Sales & Marketing at Diesel after being for three years Brand Director EMEA at Levi Strauss & Co. Europe.
From 1991 to 1997 he was Director Marketing at Benetton Spostsystem and at Lotto Sport.
Read the full story in the management-change.com report 03.2017 ($).