Francesco Trapani has been named chairman of Milan-based private equity firm Clessidra Sgr, succeeding Claudio Sposito, who died earlier this week. Sposito, who founded Clessidra in 2003, was also its chief executive officer, and this role will be taken on by Maurizio Bottinelli, a partner and head of the firm’s investment team.

Trapani was previously vice chairman of Clessidra and he is chairman of the Roberto Cavalli house. A former Bulgari ceo, before joining Clessidra in 2014, Trapani was chairman of LVMH Moët Hennessy Louis Vuitton’s watches and jewelry division.

“The demise of Claudio, whom we were close to both professionally and personally, is a moment of deep emotion and suffering for us,” Trapani said. “We have decided to pursue a path consistent with his leadership and will, in respect of how much he meant for the company and the entire industry.”

The board on Thursday approved the appointments, which followed Sposito’s own directions.

Longtime partners Riccardo Bruno and Manuel Catalano will continue to work with Trapani and Bottinelli.

Sposito developed Clessidra into one of the most active firms here in the luxury and fashion arena. Last April, the fund bought 90 percent of the Cavalli company. Clessidra owns a 70 percent stake in Milanese jewelry firm Buccellati and a 35 percent stake in Harmont & Blaine SpA.

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