NEW YORK — Massimo Ferragamo is once again stepping down as president of Ferragamo USA Inc., a position he's held on an interim basis for about two years.
Vincent Ottomanelli, formerly chief financial officer, will be the new president and also hold the title of regional director, while Ferragamo will continue as chairman.
They both report to Ferruccio Ferragamo, chief executive officer of Ferragamo worldwide.
In its announcement Friday, the company said Massimo Ferragamo will be involved on a strategic level. He took back the title of president two-and-a-half years ago, after Jean Marc Gallot joined Louis Vuitton North America as president. Gallot became president of Ferragamo about a year before.
Ottomanelli joined the company in June 2003, and was promoted to cfo in March 2004. In addition to handling operations and real estate, he will oversee sales, merchandising and marketing at the U.S. division. Prior to joining Ferragamo, Ottomanelli was the cfo of Hugo Boss USA and held positions at Coach and Deloitte & Touche.
"With the strong team that is in place, and under the strategic financial guidance of Vinny Ottomanelli, we have set Ferragamo USA on the right course for success. It is now time for me to step down and pass the mantle to the capable leadership of my successor," Massimo Ferragamo said in a statement.
Massimo Ferragamo is the son of the late Salvatore Ferragamo, who founded the company in 1927.
The company has more than 225 freestanding stores worldwide and wholesales to better specialty and department stores.
Dana Gers, senior vice president of marketing for Ferragamo, said Massimo decided to stay on as "interim president" for so long because the company was undergoing lots of operational and management changes. "Massimo remains involved on a global level and is a shareholder. The day-to-day operations will be with the president," Gers added. "It's the same structure as before."
Despite some reports of ups and downs in the U.S. during the changes, Gers said the company is currently "doing real well after experiencing stellar growth last year."
The company is opening stores in Atlantic City this June, and in NorthPark Center in Dallas in the fall, she said. It also is renovating stores in Beverly Hills and South Coast Plaza in California."There's a lot of activity happening in our retail expansion," Gers said.
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