MILAN — Prada said late Friday that Riccardo Stilli is leaving his role as the company’s chief financial officer, confirming reports in these columns, and announced a change to its organizational structure.
Prada said it will group a number of operations, including finance, administration, legal affairs, general affairs, human resources and information technology, into one department to be headed by a new manager. Prada said it has already selected the new manager.
A spokesman said no further details were available, but an announcement will be made by the end of this month. The new manager also will sit on Prada’s board.
Stilli has played an important role in Prada’s preparations for an eventual stock market listing. As reported, the company has postponed an initial public offering three times. It is working to reduce debts accumulated from a buying spree of years past, which included tables such as Jil Sander, Helmut Lang and Car Shoe. Prada has said it still wants to go public sometime before June 2005, when 700 million euros, or $875 million at current exchange, worth of its convertible bonds expire.
A Prada spokesman said Stilli’s departure has no ramifications for Prada’s IPO plans and that the company is still aiming to go public in the first six months of next year if “market conditions are favorable.”
“Prada thanks [Stilli] for his hard work and the valuable contribution made to the group over the past few years,” the company said in a release.
This story first appeared in the October 25, 2004 issue of WWD. Subscribe Today.