Salvatore Ferragamo SpA said Chief Executive Officer Marco Gobbetti is leaving almost two years before his contract expires, as the Italian maker of footwear and leather goods struggles to pull itself out of a sales slump.

MILAN – Salvatore Ferragamo SpA revealed on Monday that it had reached an agreement with chief executive offcer Marco Gobbetti to mutually terminate their employment and directorship relationships, effective March 6, 2025.

The luxury-goods company’s shares plunged after it said it was parting ways with its chief executive before the end of his mandate.

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Salvatore Ferragamo has announced that Chief Executive Officer Marco Gobbetti will step down on 6 March 2025, following a mutual agreement with the company's board. This decision comes less than a year after the luxury fashion house extended Gobbetti's tenure until 2026.

Investing.com -- Shares of Salvatore Ferragamo (BIT: SFER) fell by 4% on Tuesday following the announcement that CEO Marco Gobbetti will be stepping down from his role on March 6.

Ferragamo shares slide more than 5% on Tuesday after the Italian luxury group announced that its chief executive Marco Gobbetti would leave next month after little over three years in charge.