Despite year-to-date results that have failed to impress, Gucci's parent PPR insists CEO Mark Lee's has resigned voluntarily to "pursue other interests" and "rebalance" his life.   The move has set off a round of internal promotions, demonstrating the depth of PPR's management team.

Effective Jan. 1, 2009, Lee will be replaced by Bottega Veneta CEO Patrizio di Marco.  Under di Marco's leadership over the past six years, Bottega Veneta was transformed into a retail powerhouse with revenue up ten-fold to $500 million by 2007.

Taking over as CEO at Bottega Veneta will be Stella McCartney's current Chief Executive, Marco Bizzarri. The company did not announce a replacement for Bizzarri at Stella McCartney, which is also in the PPR portfolio.

(Posted 18 Sept 2008)