Chiara Ferragni Out of Tod’s Board

The name of the digital entrepreneur didn’t appear on the list of nine candidates proposed as members of the company’s board of directors that the firm’s majority shareholder DI.VI. Finanziaria di Diego Della Valle & Co. submitted after the market closed on Thursday.

The names of former Ferrari president Luca Cordero di Montezemolo and Luigi Abete also were not included, while a new addition was Maria D’Agata, who is general counsel for cosmetic manufacturing giantbut all the members of the board of directors of Tod’s SpA have reached the natural expiration of their terms of office” of three years.

It said that therefore, “DI.VI. Finanziaria di Diego Della Valle & C. Srl has presented a new list of candidates composed in accordance with the provisions of the agreements concluded with L Catterton and disclosed to the market on February 15, 2024.

Earlier this month Crown Bidco, an L Catterton affiliate, said it was looking to acquire 36 percent of Tod’s SpA, or almost 13 million shares, at 43 euros a share, for about 512 million euros. L Catterton is backed by LVMH Moët Hennessy Louis Vuitton. Last week it was disclosed that the voluntary tender offer is being launched for 27.9 percent of the group because L Catterton in the meantime has acquired additional shares, raising its stake to 7.9 percent of Tod’s.

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