MILAN — Italian eyewear maker Marcolin SpA on Tuesday said current vice president Vito Varvaro would take over operational responsibilities from outgoing chief executive officer Massimo Saracchi, starting Friday.
Marcolin — whose portfolio includes the brands Roberto Cavalli, Diesel, Tom Ford, Tod’s, Hogan, John Galliano and Swarovski — said Saracchi will remain a non-executive board member.
Saracchi’s departure was revealed in early August, when the company said the ceo and general manager — who has been with the company since 2007 — had submitted his resignation due to the expiration of his contract. Marcolin said Saracchi would continue as ceo until Sept. 30.
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According to a person familiar with the situation, Varvaro — who has been a company board member since 2007 and vice president since April — will be serving in an interim ceo role while the company finds a permanent replacement for Saracchi. He is a member of the board and executive committee of Tod’s SpA.
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Diego Della Valle owns 40 percent of Marcolin. While Varvaro will be handling day-to-day operations, the company is looking for someone to drive strategy going forward, the person said.
Both Varvaro’s and Saracchi’s résumés boast extensive management experience at consumer goods giant Procter & Gamble Co., including Varvaro’s post as president and ceo of P&G’s Italian unit and Saracchi’s as vice president, Europe.
In August, when Marcolin reported first-half results, the company said profits rose 11 percent to 15.9 million euros, or $22.9 million, compared with the same period of 2010. Sales rose 8 percent to 125.2 million euros, or $180.2 million, as several of the brands the company has under license staged double-digit growth. Dollar figures are converted at average exchange rates for the periods to which they refer.