PARIS – Chanel SAS said Véronique Morali is joining the French fashion house as president, a title currently held by Francois Montenay, who will become president of the company's supervisory board later this year.

Morali, 48, is currently 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 effective today. A Chanel spokeswoman said Morali’s responsibilities are slightly different than Montenay’s, but she would principally be responsible for assuring synergies and coherence across affiliate companies in such areas as human resources, finance, institutional relations, legal and real estate development.

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