Prada Group Details Andrea Guerra’s Salary on Hong Kong Stock Exchange – WWD

PRADA PRICES: Andrea Guerra will take up the position of chief executive officer of the Prada Group and details of his salary were released Friday in a statement confirming the appointment on the Hong Kong Stock Exchange, where the group is listed.

As Executive Director of the Board of Directors, the former director of Luxottica and LVMH Moët Hennessy Louis Vuitton will receive a fee of EUR 50,000 per annum, which is subject to review.

According to the employment contract, the executive’s remuneration, including salary, benefits in kind, pension, health care and TFR contributions, will total approximately EUR 151,180 per month. He will also be entitled to a discretionary bonus and other incentives.

Prada awarded the emoluments in light of Guerra’s “relevant experience and expertise, responsibilities and duties that he will contribute to strengthening and leading the Group’s business and its executive role,” the group stated.

In the event of termination of Guerra’s employment by either the executive himself or the company within the first 12 months, there will be a mutual penalty of 24 months of his salary plus discretionary bonus (if applicable); if the termination is after 12 months, there is a golden parachute provision entitling Guerra to a severance payment of 12 months of his salary plus discretionary bonus (if applicable).

Prada also listed the reasons for hiring Guerra. In addition to his experience, the aim is “to facilitate the long-term growth and development of the group”, noting that “his services” are considered “important and essential”.

As reported, Guerra is seen as someone who can ease the transition until Lorenzo Bertelli, the son of Miuccia Prada and Patrizio Bertelli, becomes the leader of the group in a few years.

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