Andrea Agnelli, one of the billionaire Italian clan’s heirs, will step down as director at family investment company Exor NV and at carmaker Stellantis NV following an investigation into accounting practices at Juventus Football Club SpA, where he served as chairman.
(Bloomberg) — Andrea Agnelli, one of the billionaire Italian clan’s heirs, will step down as director at family investment company Exor NV and at carmaker Stellantis NV following an investigation into accounting practices at Juventus Football Club SpA, where he served as chairman.
The 47-year-old announced the surprise decision at Juve’s general meeting in Turin, where a new board of directors was named and his replacement at the head of the club was confirmed by investors. Agnelli and all of the team’s previous board resigned in November amid a probe into alleged wrongdoing related to the company’s financial filings.
That prompted family business leader John Elkann to push for a shakeup of the team’s management. Gianluca Ferrero, an accountant and corporate adviser, was named as Juve’s new chairman late last year.
Juve’s board on Wednesday confirmed the Ferrero appointment, while naming Maurizio Scanavino as chief executive officer.
Andrea Agnelli, a cousin of Elkann’s, will retain his role as a director at Giovanni Agnelli B.V., the holding company which controls Exor, according to a company spokesman who confirmed the announcement made at the general meeting.
While Juve won a string of prestigious titles under Agnelli, the team’s reputation suffered after his attempt at leading the so-called European Super League crumbled just days after its launch.
Preliminary hearings in the Juventus case have been set for March 27, Ansa news agency reported earlier this week. The team and some of its former managers are facing charges ranging from market manipulation to false accounting and obstruction of regulatory activities. The club has said accusations leveled against it are unfounded.
(Updates with board in fourth paragraph, league in penultimate.)
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