MILAN — Tod’s SpA is shaking up its management, waving goodbye to its chief executive officer Umberto Macchi di Cellere after four years.
The CEO position will now be taken up by chairman Diego Della Valle and his brother Andrea, vice chairman of the Italian luxury group.
Concurrently, Simona Cattaneo is joining the group in the role of general manager with the goal “to shorten and accelerate the decision-making chain,” said Tod’s in a statement released Friday evening after trading hours in Milan, where the company is publicly listed.
As reported, Cattaneo left Coty Inc. last summer after five years with the business. She had been working as president of Luxury Brands, building the group’s prestige brands portfolio.
Cattaneo joined Coty from Burberry in 2016 as chief marketing officer for the luxury division. She’s also worked for Dior and L’Oréal’s Kérastase.
Tod’s started making major changes to its executive ranks in 2018 to help push a new strategy as well as business models of capsules and collaborations, which led to the exit of global general manager Claudio Castiglioni and of CEO Stefano Sincini after 33 years with the company. Sincini was succeeded by Macchi di Cellere, previously managing director of worldwide sales for all product categories for the Bulgari brand.
Tod’s Group has also seen a change in its shareholders. In April, LVMH Moët Hennessy Louis Vuitton increased its stake in the group to 10 percent.
Diego Della Valle & C Srl, a company controlled by the Italian entrepreneur, entered into a sale and purchase agreement with Delphine SAS, a fully owned subsidiary of LVMH, for the sale of 2.25 million shares of Tod’s SpA, representing 6.8 percent of the capital.
LVMH is a longtime investor in Tod’s, already owning 3.2 percent. The price per share is calculated at 33.10 euros, the average price of Tod’s shares over the 15 trading days preceding the signing, for a total of 74.5 million euros.