PRADA’S FEES: Andrea Guerra is taking over the chief executive officer’s mantle of the Prada Group and details about his salary were released on Friday in a press release confirming the appointment to the Hong Kong Stock Exchange, where the group is publicly listed. 

As an executive director of the board, the previous Luxottica and LVMH Moët Hennessy Louis Vuitton executive will probably be paid a fee of fifty,000 euros a 12 months, which might be subjected to review.

As per the employment agreement, the manager’s remuneration, including salary, advantages in kind, pension, health care and TFR contributions, will amount to about 151,180 euros a month in the combination. He may also be entitled to a discretionary bonus and other incentives.

Prada granted the emoluments in light of Guerra’s “relevant experience and expertise, responsibilities and duties that he’ll contribute to strengthening and leading the Group’s operations and his executive role,” stated the group.

In case of the termination of Guerra’s employment by either the manager himself or by the corporate inside the first 12 months, there may be a reciprocal penalty of 24 months of his salary plus discretionary bonus (if any); if the termination is after 12 months, there may be a golden parachute provision which entitles Guerra to receive a severance payment of 12 months of his salary plus discretionary bonus (if any).

Prada also listed the explanations for employing Guerra. Along with his experience, the target is “to facilitate the long-term growth and development of the group,” noting that “his services” are seen as “essential and essential.”

As reported, Guerra is viewed as someone who can facilitate the transition until Lorenzo Bertelli, Miuccia Prada and Patrizio Bertelli’s son, will change into the leader of the group in a number of years’ time.

His parents have given up their shared co-CEO title, while remaining executive directors of the board. Miuccia Prada stays on as creative director of Miu Miu and of the Prada brand, the latter with Raf Simons. Patrizio Bertelli is anticipated to be named chairman this spring.