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Jonathan Akeroyd to Leave Versace at End of March 2022
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Capri Holdings Limited (NYSE: CPRI) announced the resignation of Jonathan Akeroyd as CEO of Versace, effective March 31, 2022, to pursue opportunities in the UK. Akeroyd will support the management team during the transition. John D. Idol, Chairman and CEO of Capri Holdings, expressed gratitude for Akeroyd's contributions and noted Versace's strong momentum and strategic initiatives. The company will begin the search for a new CEO to ensure continued success under the leadership of Donatella Versace and the existing management team.
Positive
Strong momentum for the Versace brand.
Clear strategic initiatives in place.
Negative
CEO transition could create uncertainty.
LONDON--(BUSINESS WIRE)--
Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced that Jonathan Akeroyd will be stepping down as Chief Executive Officer of Versace to pursue another opportunity that will enable him to return to the United Kingdom and be closer to his family. Mr. Akeroyd will remain with Versace through March 31, 2022, and will work with John D. Idol, Chairman and Chief Executive Officer of Capri Holdings, to provide full support to the executive leadership team and ensure an orderly transition. Capri Holdings will immediately begin a search for a new Chief Executive Officer of Versace.
Versace (Photo: Business Wire)
John D. Idol, Chairman and Chief Executive Officer of Capri Holdings commented, “I would like to thank Jonathan for his leadership and tremendous contribution to Versace. We wish him the best in his new role. He leaves Versace at a time when there is strong momentum for the brand and we are executing on our clearly defined strategic initiatives. Versace has an exceptional management team in place, led by the innovative design vision of Donatella Versace, and we remain confident in the luxury house’s long-term growth potential.”
Jonathan Akeroyd, Chief Executive Officer of Versace commented, “I am honored to have led Versace and to have worked with the hugely talented management team to grow and strengthen the brand. I would like to thank all of the Versace employees, Donatella and John for their partnership. I am fully committed to ensuring a smooth transition, and am confident that Versace remains well-positioned to achieve continued success.”
About Capri Holdings Limited
Capri Holdings Limited is a global fashion luxury group, consisting of iconic brands that are industry leaders in design, style and craftsmanship. Its brands cover the full spectrum of fashion luxury categories including women’s and men’s accessories, footwear and ready-to-wear as well as wearable technology, watches, jewelry, eyewear and a full line of fragrance products. The Company’s goal is to continue to extend the global reach of its brands while ensuring that they maintain their independence and exclusive DNA. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.
Forward Looking Statements
This press release contains statements which are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri Holdings Limited (the “Company”) about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All statements other than statements of historical facts included in this press release may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “plans”, “believes”, “expects”, “intends”, “will”, “should”, “could”, “would”, “may”, “anticipates”, “might” or similar words or phrases, are forward-looking statements. These forward-looking statements are not guarantees of future financial performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions, which could cause actual results to differ materially from those projected or implied in any forward-looking statements. These risks, uncertainties and other factors are set forth in the reports that the Company files from time to time with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended March 27, 2021 (File No. 001-35368). Any forward-looking statement in this press release speaks only as of the date made and the Company disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.
