BERLIN — Hugo Boss has seen its third high-level resignation within a month, confirming on Tuesday that supervisory board president Giuseppe Vita will leave at the end of June.
This story first appeared in the March 19, 2008 issue of WWD. Subscribe Today.
Observers see the latest resignation as evidence of growing tensions between the German fashion house and its new owner, the investment fund Permira, which gained control of Hugo Boss last year after taking over the Valentino Fashion Group.
Boss’ chief executive officer Bruno Sälzer quit in February, followed a few weeks later by managing board member Werner Lackas. Boss managers have reportedly disagreed with Permira’s plans to increase the company’s debt burden and boost dividends.
In a statement, Vita said he was stepping down because of other engagements planned for some time. He has agreed to remain in office to preside over the company’s shareholders meeting in May. Originally his contract was due to expire in 2010.
Although no successor has been named, Permira has said there is a list of candidates. The company has not yet revealed who will replace Sälzer as ceo.