Michele Norsa to Exit Salvatore Ferragamo
MILAN — The Ferragamos are saying goodbye to a trusted executive, who helped support their luxury company as the coronavirus pandemic first shook up the industry - but he will still support the family in their other activities.
Michele Norsa has resigned his role as executive vice chairman of Salvatore Ferragamo and will exit the Florence based company on Dec. 31. His departure is not surprising given the expected arrival of Burberry chief executive officer Marco Gobbetti.
Gobbetti has been appointed a member of the Ferragamo board and, as reported, will join the company on Jan. 1 as CEO and general director.
Also effective Jan. 1, Angelica Visconti, daughter of the late Fulvia Ferragamo, will take on the role of vice chair of the company.
In a statement, chairman Leonardo Ferragamo underscored Norsa's “commitment, dedication and factual contribution in creating value” for Ferragamo. His return at the end of May 2020 after the first wave of the COVID19 pandemic was “fundamental” in the relaunch of the company, which saw a return to profitability, and “to set the foundations for a future that will allow Ferragamo to express its full potential.”
Norsa, he concluded, will continue to “flank the shareholders in relation to other activities of the Ferragamo family.” Leonardo Ferragamo was appointed chairman of the company last April, succeeding his brother Ferruccio.
Norsa, who as of Tuesday did not hold any shares in the publicly listed company, will walk away with 868,000 euros as a consideration for the end of his duties at the group.
Norsa had been granted all powers of ordinary administration in the transition following the exit of CEO Micaela le Divelec Lemmi on Sept. 7, when she reported that Ferragamo in the six months ended June 30 registered a net profit, including a minority interest, of 33 million euros. This compared with a loss of 86 million euros in the same period last year. Le Divelec Lemmi had been named CEO in 2018, joining from the Gucci Group.
As per the most recent figures, in the first nine months of the year, revenues rose 33.9 percent to 785 million euros.
Norsa first joined Ferragamo as CEO in 2006 and exited in 2016. His arrival was instrumental in publicly listing the company in 2011. His experience with the IPO process was one reason he was brought into the company as he played a critical role in Marzotto SpA's stock market spin-off of its fashion interests into Valentino Fashion Group. Norsa became CEO of Valentino SpA in 2002, when Marzotto bought the fashion house from the now-defunct holding company HdP. He was also general manager of VFG's
Norsa will exit the company on Dec. 31, ahead of the arrival of new CEO Marco Gobbetti on Jan. 1.
licensed brands M Missoni and Marlboro Classics. Earlier, the executive worked at other family-owned companies such as Benetton, Sergio Tacchini and Rizzoli.
He is a member of the board of the Ermenegildo Zegna Group, among others. He is also a partner of the Italian fund FSI and he has held the role of vice chairman of Missoni.