Giuseppe Marsocci, a seasoned executive, is named CEO of the Giorgio Armani Group

The Italian fashion business confirmed media allegations on Thursday by announcing that Giuseppe Marsocci, who was previously the deputy CEO of the Giorgio Armani Group, has been appointed executive chairman with immediate effect.

Having worked for the company for 23 years, the last six of which were spent as Global Chief Commercial Officer, Marsocci replaces founder Giorgio Armani, who passed away in September. Although Armani kept strict control over the fashion business he founded half a century ago, a new framework is emerging for the company’s next stage.

According to Armani’s will, Marsocci will be in charge of the anticipated sale of a 15% stake, with the luxury behemoth LVMH, the industry leader in beauty, L’Oreal, EssilorLuxottica, or another group of «equal standing,» receiving priority.

In addition, Dell’Orco was been named president of the Giorgio Armani Foundation, which has 30% of the vote in his company. Forty percent of the luxury group’s voting rights are already held by Dell’Orco.

The Giorgio Armani Foundation overwhelmingly recommended Marsocci, 61, for the position, according to the luxury conglomerate. According to the statement, Silvana, the head of women’s fashion and Giorgio Armani’s niece, will be named vice president.