Prada Dealt New Blow as Finance Chief Galli Quits Luxury Maker

  • Galli leaves for `personal reasons;' no disagreement involved
  • Investor-relations director Cozzani to take over as CFO

Prada SpA Chief Financial Officer Donatello Galli resigned, dealing a further blow to the struggling luxury-handbag maker.

Galli, who has held the post since joining the company in 2004, is leaving “for personal reasons in order to pursue new career opportunities,” Prada said in a statement Friday. He will be replaced as CFO by investor-relations director Alessandra Cozzani.

The departure comes days after Prada reported a second year of stagnant sales, hurt by collapsing demand in China, the strong dollar and the Paris terror attacks. The shares have fallen 43 percent in the past 12 months and at HK$24.35 are well below their 2011 initial public offering price of HK$39.50.

Prada said there has been no disagreement between Galli and the board. Cozzani’s appointment takes effect immediately and “is a natural extension of the role she has already been playing in the management of the company,” it said.

A search for a new investor-relations director is under way.

Before it's here, it's on the Bloomberg Terminal.