MILAN — The Agnelli family’s holding Exor N.V. on Tuesday appointed Axel Dumas, chief executive officer of Hermès International, as a non-executive director for a term of one year.
“Axel is the sixth-generation leader of a family-owned company that is the very epitome of excellence and tradition, and is also renowned for its success in seeking renewal and change,” said John Elkann. Concurrently, Exor has appointed a new chairman, senior non-executive director, Ajay Banga, separating this role from that of the CEO, both previously held by Elkann, who will continue to serve in this position.
Dumas joining the board of Exor further strengthens the ties between the holding and the French luxury group. As reported, at the end of 2020 Exor, the owner of Ferrari and The Economist Group, invested in Hermès International’s China project Shang Xia.
Exor has been expanding its reach, investing in a minority stake in Christian Louboutin and in a luxury apparel collection for Ferrari, staging runway shows in Maranello, where the company is headquartered, and, in February in Milan as part of the city’s Fashion Week. Elkann has underscored this is a long-term project for the brand, entailing global investments and opening dedicated stores in cities such as Milan and last November on Rodeo Drive. The collection is designed by Rocco Iannone, who is tasked with shifting the clothes from Ferrari’s previous merchandising approach to ones that speak of design, fashion and lifestyle, reflecting the brand’s luxury positioning.
Banga has been a member of the board since May 2021 and has served most recently as chair of Exor’s Environmental, Social and Corporate Governance committee. He served for more than a decade as president and CEO of Mastercard Inc. He has also served on the boards of Kraft Foods and Dow Inc.
Today, he is vice chairman of General Atlantic, a leading global private equity firm, and is also an independent director of Temasek, the Singapore-based global investment company. Prior to joining Mastercard, Banga was CEO of Citigroup Asia Pacific.
“Ajay shares our purpose, which is to build great companies,” said Elkann. “His additional responsibility as chairman will strengthen Exor with the experience and wisdom he brings. This will also align Exor’s governance model with that of our companies, allowing me to concentrate on our next phase of development.”
“Our world is in a rapid change cycle on so many fronts and John and the Exor team continue to transform our company for its future,” said Banga.
Owing to other commitments Joseph Bae stepped down from the Exor board.
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