Salvatore Ferragamo CFO to quit next year

By

Benjamin Fitzgerald

Published
Dec 12, 2018

Italy’s Salvatore Ferragamo said on Tuesday Chief Financial Officer Ugo Giorcelli would leave the fashion group on January 11.

In a press statement on Tuesday, the company said that Giorcelli is leaving "to pursue a new professional opportunity," without providing further details.

The luxury brand also failed to name his successor.

Joining Salvatore Ferragamo in March 2017, Giorcelli at the time was hired during a management reshuffle inside the Florentine company. Prior to Ferragamo, Giorcelli worked for hearing aid manufacturer Amplifon, where he held the post of CFO since 2007.

Ferragamo, who issued a profit warning last year, said in November that nine-month sales were down 3.3 percent. At the same time, it announced its outlook for the year remained cautious.