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    EXO   NL0012059018

EXOR N.V.

(EXO)
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Delayed Borsa Italiana  -  11:36 2022-06-30 am EDT
59.48 EUR   -1.95%
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06/21EXOR N : Acquisition of 45% of Lifenet Healthcare closed
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Agnelli's Exor appoints Hermes CEO as board member, separates CEO and chairman roles

05/24/2022 | 10:31am EDT

MILAN, May 24 (Reuters) - Exor, the holding company of Italy's Agnelli family, said on Tuesday it has appointed Axel Dumas, CEO of French fashion house Hermes , as a non-executive board member, its latest move in the luxury sector.

Separately, Exor also said it had appointed board member Ajay Banga as its chairman with immediate effect, as it moved to separate the roles of chairman and CEO, which have both been covered by John Elkann, scion of the Agnelli family.

Dumas, who has been chief executive of the French luxury group since 2013, has been appointed for a term of one year, Exor said in a statement following its shareholders meeting.

His appointment can be renewed.

Exor, which in 2020 bought a majority stake in Chinese luxury group Shang Xia from Hermes, has been growing its exposure to the industry, including through its purchase of a 24% stake in shoemaker Christian Louboutin last year.

"Axel is the sixth-generation leader of a family-owned company that is the very epitome of excellence and tradition, and is also renowned for its success in seeking renewal and change," Exor CEO Elkann said in a statement.

Following the agreed sale of reinsurer PartnerRe, Exor will soon have 9 billion euros ($9.6 billion) available for investments, including in luxury.

Exor is the single largest shareholder in carmaker Stellantis and has controlling stakes in companies including luxury sports car maker Ferrari and Serie A soccer team Juventus.

According to sources, Exor had also explored a possible tie up with Italian fashion group Giorgio Armani, but the company has repeatedly denied it.

Exor's decision to split the roles of chairman and CEO will "align Exor's governance model with that of our companies, allowing me to concentrate on our next phase of development," Elkann said.

New chairman Banga, a former CEO at global data and payments company Mastercard, has been a member of Exor's board since May last year.

($1 = 0.9348 euros) (Reporting by Giulio Piovaccari; editing by Agnieszka Flak and Susan Fenton)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EXOR N.V. -1.95% 59.48 Delayed Quote.-23.18%
FERRARI N.V. -0.71% 183.48 Delayed Quote.-28.60%
HERMÈS INTERNATIONAL -0.84% 1067 Real-time Quote.-30.53%
JUVENTUS FOOTBALL CLUB S.P.A. -1.15% 0.3614 Delayed Quote.5.97%
MASTERCARD, INC. -2.20% 315.48 Delayed Quote.-10.22%
STELLANTIS N.V. -3.26% 11.792 Delayed Quote.-26.94%
All news about EXOR N.V.
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06/21Italy's Exor Completes Acquisition of 45% of Lifenet
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05/24Agnelli's Exor appoints Hermes CEO as board member, separates CEO and chairman roles
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05/24EXOR N : appoints Ajay Banga as Chairman
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05/24EXOR N : 2022 Annual General Meeting
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Analyst Recommendations on EXOR N.V.
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Financials
Sales 2022 1 295 M 1 354 M 1 354 M
Net income 2022 3 671 M 3 837 M 3 837 M
Net Debt 2022 - - -
P/E ratio 2022 3,88x
Yield 2022 0,79%
Capitalization 13 911 M 14 542 M 14 542 M
Capi. / Sales 2022 10,7x
Capi. / Sales 2023 10,6x
Nbr of Employees 263 284
Free-Float 44,1%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 59,48 €
Average target price 91,66 €
Spread / Average Target 54,1%
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Managers and Directors
John Jacob Philip Elkann Chief Executive Officer
Enrico Vellano Chief Financial Officer
Ajaypal S. Banga Chairman
Laurence Debroux Independent Non-Executive Director
Marc Jan Bolland Senior Independent Non-Executive Director
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