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The Ice Man Cometh: PPR Dips Into Unilever For New CEO of Gucci

Pinault-Printemps-Redoute on Wednesday named Robert Polet as the new president and chief executive officer of Gucci Group.

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As reported, PPR is offering shareholders $85.52 per Gucci share for the shares it does not already own. PPR said it did not have information on how many investors have tendered their Gucci shares at this point. As of April 1, PPR held 66.83 percent of Gucci. The general market assumption is that nearly all shareholders will tender their shares and Gucci will be delisted from the stock exchange. On Wednesday, Gucci’s shares closed slightly down at $85.44 versus $85.46 the day before.

The board stressed that the independent banks called in to evaluate the offer, Morgan Stanley and UBS Limited, as well as Gucci’s supervisory board, have evaluated the offer price and recommend shareholders to adhere to PPR’s offer and tender their shares.

During his remarks at the meeting, Weinberg announced Polet’s appointment to shareholders and thanked De Sole, who sat next to him on the panel.

“I would like to thank him very much for what he has achieved at Gucci Group. We are confident that the success of Gucci Group will continue,” Weinberg said.

De Sole declined to comment on his successor and said he doesn’t yet know his next career step. He said he would spend his last week on duty as Gucci ceo in New York before moving with his family to South Carolina.

In the meantime, De Sole is keeping close ties to the corporate world. He was just named to the board of telecommunications giant Telecom Italia and he will continue to sit on the boards of Procter & Gamble and Bausch & Lomb.

De Sole said he is focusing on the more leisurely side of life for now. He said he’s looking forward to meeting up with Ford over the summer vacation period “somewhere in the Southwest of the United States.”
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