The Company’s Interim Appointments Following Internal Changeups are Solidified
Following the release of its annual results, Kering has unveiled updates to its leadership structure, providing further clarity into its retooled management structure. Jean-François Palus, who had served as an interim CEO at Gucci, will remain in the role in a more official and permanent capacity. Meanwhile, Francesca Bellettini remains in her dual role as CEO of Saint Laurent and deputy CEO of Kering.
Last summer, the French luxury conglomerate announced the departure of Marco Bizzarri, who had served as Gucci’s CEO since 2015. In a transitional move, Palus, the former deputy CEO of Kering and a trusted associate of François-Henri Pinault, assumed the interim CEO role at Gucci. Simultaneously, Francesca Bellettini, the CEO of Saint Laurent, was promoted to the position of deputy CEO of Kering, where she will oversee the development of the group’s various houses.
During a teleconference with analysts to discuss the results, Bellettini clarified that there is currently no active search for a new CEO for Gucci. Instead, Jean-François Palus will continue to lead the iconic brand, with a focus on assembling a strong team around him. Bellettini highlighted the recent appointment of Massimo Vian as the director of industrial operations and supply chain, signaling the beginning of this team-building process. She emphasized that additional talent would join the team in the coming months.
François-Henri Pinault, Chairman and CEO of Kering, reaffirmed this strategy, stating that the term “interim” was initially used as a precautionary measure to assess Gucci’s leadership and organizational needs. However, Palus has demonstrated exceptional leadership, prompting Pinault to confirm him as CEO to establish a robust management structure. Pinault expressed satisfaction with Gucci’s performance under Palus’s leadership, noting progress in reorganization and setting strategic priorities.
This approach aims to provide stability and confidence in the management team, particularly amidst challenging economic conditions. Kering reported a decline in revenue and operating profit in 2023, with a primary focus on revitalizing Gucci, which represents a significant portion of its sales and profits. Despite efforts to elevate the brand’s positioning and streamline operations, Gucci experienced a decline in both revenue and profits in 2023, with further challenges expected in 2024.
Francesca Bellettini highlighted the benefits of her dual role as CEO of Saint Laurent and deputy CEO of Kering, emphasizing collaboration with other brand CEOs and leveraging insights to drive strategic execution. She believes this dual perspective enhances her effectiveness as a CEO and contributes to the overall success of the group’s brands.