~*~ Gucci Replaces CEO ~*~
GUCCI named 48-year-old Dutch national, Robert Polet, as the new CEO to replace Domenico de Sole this morning. Polet, who will take over after De Sole leaves on April 30, has spent 26 years at Unilever. For the last three years he has headed up the Worldwide Ice Cream and Frozen Foods division, a $7.8 billion business consisting of over 40 operating companies, where he increased profit margins by 70 per cent. "We are thrilled about Robert's appointment," said Serge Weinberg, chairman of the committee designated by Gucci Group to search for a new CEO. "His international background, his broad experience in developing brands, his entrepreneurial and managerial talents and his ability to be both a leader and team player make him an ideal choice. This is a new era for Gucci Group. I'd like to thank Domenico de Sole for the outstanding job he has done, together with Tom Ford, to make Gucci Group the extraordinarily successful company that it is today." Polet, meanwhile, admitted that succeeding De Sole was a "great challenge". "I'm very honoured and excited to have been named to run Gucci Group," he said. "I consider it a once-in-a-lifetime opportunity to be entrusted with their development. I'm greatly looking forward to working with the wonderfully talented people of Gucci Group to write a new chapter in its brilliant story." Polet will also become a member of the Management Board of Pinault Printemps Redoute, Gucci's majority shareholder. (April 21 2004, AM) *Vogue.com*
Fabulous. Gucci goes from the hands of a fashion genius to the hands of an ice cream man. Sell your stocks now, Gucci's going under.
-TM