Giorgio Armani appoints its new Board of Directors

As it announces the completion of probate procedures following the death of its namesake founder, who passed away on September 4 in Milan, Giorgio Armani S.p.A. has formed a new Board, which consists of eight members. Three are representatives of the Armani family.

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Giorgio Armani S.p.A. has announced the finalisation of the procedures relating to Giorgio Armani’s succession, stating in a note that they were carried out smoothly and in accordance with the planned timetable. At the same time, it appointed a new Board of Directors, constituted in line with the provisions set out by the founder.

The new Board of Directors is composed of eight members, chosen by the Foundation and the heirs: three representatives of the Armani family, four non-executive directors with expertise in fashion and finance, and the CEO and general manager, the Board’s only employee, who is entrusted with the company’s operational management.

Alongside the establishment of the new Board of Directors and the appointment of its new directors, the appointments of Pantaleo Dell’Orco as chairman and Giuseppe Marsocci as CEO and general manager were confirmed.

The new Board of Giorgio Armani S.p.A. is thus fully operational and comprises: Pantaleo Dell’Orco (chairman), Silvana Armani (director), Andrea Camerana (director), Giuseppe Marsocci (CEO and general manager), Marco Bizzarri (director), John Hooks (director), Federico Marchetti (director), and Angelo Moratti (director).

The Board will operate in accordance with the founding principles defined by the Piacenza-born designer, as safeguarded by the Giorgio Armani Foundation. It is stipulated that the Foundation’s stake in the company’s share capital will never fall below 30%, regardless of future developments that could lead to the entry of new shareholders or a stock market listing.

The Giorgio Armani Foundation is composed of Pantaleo Dell’Orco (chairman), Andrea Camerana (director), Irving Belotti (director), Elena Terrenghi (director), and Andrea Silvestri
(director).

Pantaleo Dell’Orco said, “The new Board of Directors of Giorgio Armani S.p.A. is composed of family members and the CEO, all long-standing collaborators of Mr Armani, supported by independent professionals of recognised competence and experience. This represents the best guarantee for the continuation, enhancement, and modernisation of the idea of beauty, the business model, and the ethical values developed by Mr Armani over 50 years of history, allowing us to face the market’s challenges and opportunities in the best possible way.”