Kering is among the most mentioned companies across news items in the last 12 hours, according to Factiva data, after the luxury conglomerate announced a top management shake-up. The French giant confirmed the departure of Gucci CEO Marco Bizzarri, with Jean-Francois Palus taking over the position for a transitional period. Kering also appointed its finance chief Jean-Marc Duplaix and Francesca Bellettini, head of Yves Saint Laurent, as deputy CEOs. According to Equita Sim, the reorganization is positive as it could strengthen governance, but won't have immediate implications. In regards to Kering's top brand Gucci, "the change of CEO is likely to further prolong the brand's current transitional phase, but at the same time it demonstrates the group's commitment to a more decisive and effective relaunch effort by increasing its grip on the brand through the supervision of Jean-Francois Palus, for more than 20 years the right-hand man of [Francois-Henri] Pinault himself, CEO and chairman of the group," Equita Sim's Paola Carboni said in a note. Kering's shares trade 6% higher at EUR523.90. Dow Jones & Co. owns Factiva. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

July 19, 2023 05:03 ET (09:03 GMT)

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