June 12, 2021

Prada: the succession is underway with the entry of Lorenzo Bertelli to the board

Aged 72 and 75 respectively, Miuccia Prada and Patrizio Bertelli have been busy preparing their succession for several years. With the upcoming renewal of Prada’s board of directors, a new step has been taken. In a document filed with the Hong Kong Stock Exchange, where it has been listed since 2011, the Italian luxury group calls a general meeting on May 27, which should welcome as a new member to its board Lorenzo Bertelli (33), eldest son of the couple. The latter already joined the board of directors of Prada Holding in 2015, which controls 80% of the operating company Prada.

Lorenzo Bertelli – Photo: Prada / Brigitte Lacombe

Moreover, as recently revealed Republic, Miuccia Prada transferred to her sons the bare ownership of Ludo up to 50.5% for Lorenzo and 49.5% for his younger brother Giulio, while keeping the usufruct on all of his shares. As a reminder, Ludo controls 53.8% of Bellatrix spa (the remaining 46.2% being held by Miuccia’s siblings, Alberto and Marina Prada Bianchi), which in turn owns 65% of Prada Holding (while the other 35% are in the hands of Patrizio Bertelli).

According to the document filed on the Hong Kong Stock Exchange, two major changes are to be noted. The arrival, therefore, in the new board of directors of Lorenzo Bertelli, the son of the two current managing directors (CEO), already active in the company, and the departure of the president Carlo Mazzi, in post for nine years and of which the mandate will not be renewed. His successor has been proposed Paolo Zannoni, international consultant for Goldman Sachs and current chairman of Italian catering group Autogrill, who recently resigned as chairman of Dolce & Gabbana Holding.

Prada’s new board, which will be elected on May 27 for a three-year term, is expected to consist of nine members. In addition to Lorenzo Bertelli and Paolo Zannoni, Marina Sylvia Caprotti, executive president of the Transalpine supermarkets Esselunga and Yoël Zaoui of Conseil Zaoui & Co., should also enter. who has long officiated for Goldman Sachs. Artistic director Miuccia Prada, her husband Patrizio Bertelli, CFO Alessandra Cozzani, lawyer Stefano Simontacchi and financier Maurizio Cereda are represented, while Gian Franco Oliviero Mattei, Giancarlo Forestieri and Sing Cheong Liu are expected to leave the council with Carlo Mazzi .

Graduated in philosophy in 2008 from the San Raffaele University of Milan, Lorenzo Bertelli first became known for his sporting exploits in car rallying, before joining the family business in 2017 to supervise the development of the catering activities of the historic Milanese pastry shop Marchesi, bought by the group in 2014.

In 2018, he was appointed head of digital communication at Prada and was promoted the following year to the position of marketing director, while also managing the company’s social responsibility since 2020. Last year, his remuneration amounted to 186,000 euros, to which are added, among other things, 35,490 euros in bonuses, bonuses and other bonuses.

According to the same document, Miuccia Prada’s compensation for 2020 reached 9.08 million euros as well as 27,000 euros in bonuses. “Ms. Prada’s compensation was determined taking into account her strategic role, particularly with regard to the concepts and styles of creative design, brand communication and advertising, and the importance of her management and leadership. role of CEO and executive director, who agreed to obtain the financial performance and results of the group “, we can read. As for the co-founder and CEO of the group Patrizio Bertelli, he received remuneration identical to that of his wife.

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