Gucci’s New Surprise: CEO Santucci Said Preparing to Resign

Sources say Gucci brand chief executive officer Giacomo Santucci may have his eye on the door.

“In [PPR’s] mind it is easier to grow the profits and revenue where they already exist rather than growing revenue and reducing losses at the smaller brands,” said the source.

The most recent set of Gucci results available are second-quarter figures PPR released in September. They show a 17.5 percent jump in the Gucci division’s earnings before interest and taxes to 102.9 million euros and sales growth of 8.6 percent to 392.8 million euros. At current exchange rates, those figures are equivalent to $128.3 million and $489.8 million.

If he resigns, Santucci will join a long list of defections from Gucci. In May, Gian Giacomo Ferraris left his position as Gucci’s director of worldwide apparel operations to become the ceo of Jil Sander AG. Brian Blake, former head of Gucci’s watch division and jeweler Boucheron, left prior to De Sole’s departure and subsequently joined Burberry as president and chief operating officer. Other departing executives include Robert Singer, Gucci Group’s chief financial officer, who left in May to become president and chief operating officer of Abercrombie & Fitch; Toshiaki Tashiro, president of Gucci Japan, and communications directors Lisa Schiek and Tomaso Galli.
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