PARIS — Chanel's makeover of its top management continues.
On Monday, the French fashion house said Véronique Morali would join as president of Chanel SAS, a title currently held by Françoise Montenay, who will become president of Chanel's supervisory board later in 2007.
Morali, 48, is chief operating officer and director of Fimalac, a financial services firm where she has worked since 1990. Chanel did not give a precise start date for Morali, but said she resigned from Fimalac SA, based here, effective Monday. A Chanel spokeswoman said Morali's responsibilities were slightly different from those of Montenay, who has long overseen the brand's business in Continental Europe.
For example, Montenay had purview over the couture ateliers that Chanel acquired in recent years, including the embroidery house Lesage. That responsibility will now pass to Bruno Pavlovsky, president of Chanel's fashion business. The spokeswoman noted Morali would be responsible principally for assuring synergies and coherence across affiliate companies in such areas as human resources, finance, institutional relations, legal and real estate development.
Chanel executives were not available for comment.
Speculation about a changing of the guard in Europe has been stirring since last year, when Maureen Chiquet was named global chief executive officer of Chanel, effective Jan. 1, 2007. This global ceo position is a new one, she oversees and coordinates all company activities worldwide.
Montenay last year took on the presidency of the French luxury goods trade association Comite Colbert.
Morali is a graduate of the Institute of Political Studies in Paris and the Ecole Nationale de l'Administration. She joined the French civil service in 1986 and moved to Fimalac four years later, initially as manager of special projects.
Fimalac had 2006 sales of 448.5 million euros, or $583 million at current exchange, and its key subsidiaries are Fitch Ratings and Algorithmics, a risk management firm.
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