FRANCE. François-Henri Pinault is poised to take over as Chairman of the Management Board at PPR (Pinault-Printemps-Redoute), effective 21 March. His remit is to “further develop the new PPR and consolidate its success in Luxury Goods”.
The retail and luxury goods conglomerate is controlled by the Pinault family’s holding company, Artémis.
Pinault will replace CEO Serge Weinberg, who plans to create an investment fund, in which Artémis will take a stake. In addition, Weinberg will remain a member of the Boards of Gucci Group and Fnac; he will also join the Board of Directors of Artémis.
Pinault will remain Chairman of Artémis, which will continue to be managed by Patricia Barbizet.
At the next PPR AGM, shareholders will be asked to vote on a resolution to transform the Company’s two-board structure into a single board of directors.
Pinault commented: “PPR has experienced 15 years of expansion and strong external growth. The Group’s entry into the Luxury Goods sector and its refocusing on Retail is now complete. Under Serge’s management, PPR has become a global group with a prestigious portfolio of brands. Today, the challenge for the Group is to consolidate its positions and grow further by building on the quality of its assets and the know-how of its teams. I would like to take this opportunity to thank Serge very warmly for his commitment, for his achievements, and more personally for the quality of our working relationship.”
Weinberg added: “It is not easy to leave a group like PPR after 15 years, including 10 as CEO, but it is with a sense of having accomplished my mission that I decided to pursue a more entrepreneurial path. PPR today has leading positions in Retail and Luxury Goods, a sound financial structure and talented teams. I know that by handing the reins to François-Henri Pinault, with whom I have had a trusting and friendly relationship for many years, PPR will be led by a man who will continue to develop the Group with ambition and energy.”
Note: PPR (Pinault-Printemps-Redoute) is a global player in Retail and Luxury Goods, with 80,000 employees in 65 countries. Through its Retail establishments Printemps, Conforama, Redcats, Fnac and CFAO, and the Luxury brands of Gucci Group (Gucci, Yves Saint Laurent, Bottega Veneta, YSL Beauté, Boucheron, Sergio Rossi, Bédat & Co, Alexander McQueen, Stella McCartney and Balenciaga), PPR generated sales of €17.8 billion in 2004. (Including Rexel, which was divested at the end of 2004, the Group’s consolidated sales for 2004 amounted to €24.2 billion.)
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