Gucci Ceo Giacomo Santucci Terminated

[stylegurrl]

Gucci CEO Giacomo Santucci terminated

Wednesday, October 20, 2004

Giacomo Santucci is out. The high profile CEO of Gucci, one of the last remaining managers hired by Domenico De Sole and Tom Ford, has been fired from his top position. In a press release issued by the Gucci Group, the company states only that the employment of Giacomo Santucci “has been terminated” and that Robert Polet, currently CEO of the entire Gucci Group, will assume leadership of the Gucci division immediately.

A letter that was sent out company wide by Polet today, however, sheds more light on the subject. Polet writes, “It was a difficult decision to make but it was a necessary one. I can not expect anything but total loyalty, commitment and dedication from the CEOs and managers…at the Gucci Group.”

A spokesperson would not get more specific into the nature of the alleged “disloyalty”; however rumors have recently surfaced that Santucci disagreed with several of the new initiatives being imposed by his new boss. It is also known that he was having difficulty renewing his contract.

Santucci was in the middle of setting budgets for 2005 and was to travel to Los Angeles next week to participate in the photo shoot for Gucci’s Spring 2005 advertising campaign. Looks like Polet’s got an even fuller plate now.
JJ MARTIN

 

[Meg]

eek

 

[oceanharlot]

I think GUCCI is getting a major overhaul from the inside out.

 

[mikeijames]

...first he was resigning now he's fired? something's fishy here

 

[stylegurrl]

Originally posted by mikeijames@Oct 21 2004, 08:28 AM
...first he was resigning now he's fired? something's fishy here

[snapback]403461[/snapback]​

I agree...
An article in today's NY Post claims he was fired for disloyalty and a dispute over his contract.

 

[stylegurrl]

From Vogue UK:

DIFFICULT BUT NECESSARY

ROBERT POLET may not be elaborating on the reasons for Gucci CEO Giacomo Santucci's departure from the company yesterday, but he's made his point. "It was a difficult decision to take, but it was a necessary one," Polet, who took over from Domencio de Sole as CEO of the Gucci Group in April, said in a staff memo. "I can't expect anything but total loyalty, commitment and dedication from the CEOs and top managers at all of the fantastic brands that are part of the Gucci Group." While all parties have declined to make any further comment, it is thought that the trouble began because Santucci resented the fact that he was not offered De Sole's job. His relationship with Polet then became increasingly tense because the new CEO called in management consultants to help him manage Gucci - a job Santucci assumed he could do alone. Sources in Women's Wear Daily this morning reveal that yesterday's news was no surprise to those within the company, however. "A lot of people reported to [Santucci] and they never heard from him," says one. "There were serious problems. I'm not surprised he's leaving." Another implies that it was a personality issue, adding that "he is the type of person who would drop a phrase in Latin or Greek when talking to a factory worker in Florence." Contrarily Polet, whose memo proceeded to thank Santucci for his key contributions to Gucci over the years, is likened to his predecessor and described as "charismatic and a nice guy". (October 21 2004, AM)

 

[stylegurrl]

GRUMBLING CEO ADDS TO GUCCI'S TURMOIL

By SUZANNE KAPNER
--------------------------------------------------------------------------------

October 20, 2004 -- Just six months into his tenure as the Gucci Group's new chief executive, Robert Polet is facing the possibility of losing one of his top lieutenants.
Giacomo Santucci, the CEO of the Gucci division, is said to be dissatisfied with Polet's leadership and vision for the brand.

At the same time, sources said, Santucci is unhappy with his compensation and has come to loggerheads with executives at Gucci parent Pinault Printemps Redoute over the renewal of his contract, which expired last year.

According to one person familiar with the situation, Santucci was recently turned down for a raise by Serge Weinberg, PPR's chief executive, who, in his refusal, essentially said, "There's the door . . ."

Thomas Kamm, a spokesman for PPR, and Ellen Gonda, a spokeswoman for the Gucci Group, declined to comment.

As The Post first reported, Santucci had initially threatened to leave if PPR brought in a fashion outsider to succeed former chief executive Domenico De Sole, who, along with creative director Tom Ford, resigned in April, after a much publicized contract dispute.

Trade publication Women's Wear Daily reported yesterday that Santucci may now be on his way out.

Polet spent 26 years at consumer-products giant Unilever before joining Gucci July 1.

Should Santucci resign, he would be the latest in a long list of high-profile defections for the Italian fashion house

Adding to the turmoil is increasing pressure on the profitable Gucci division to make up for losses felt at the group's other labels, including Alexander McQueen, Stella McCartney, Bottega Veneta, Boucheron and Balenciaga.

There is concern within the company that the Gucci brand will be bastardized in an attempt to subsidized those money-losing labels, sources said.

"Santucci is not happy with the direction they are taking," said one person close to the company. "He feels that Polet doesn't understand what makes a real luxury brand."

 

[mikeijames]

what a sad day for the gucci group...you have to let each brand develop on it's own. if you wh*re one brand out to support all others, soon that brand will lose its favor with the consumer and they whole group's in the red. does no one remember the cheap gucci from the eighties?!

 

[Spike413]

Wow, the house of Gucci is crumbling all over again......who would've thought, twice.

 

[eternitygoddess]

Gucci is going dddooowwwnnn.

 

[AlexN]

Originally posted by eternitygoddess@Oct 31 2004, 01:09 AM
Gucci is going dddooowwwnnn.

[snapback]412117[/snapback]​

Yep, and I hope they go down fast, before they churn out too much more crap. Same with Versace.

 

[BrothaG]

Oh boy, quite a major make-over going on