The board of directors at Italian leathergoods company Salvatore Ferragamo have "mutually terminated" CEO Marco Gobbetti’s contract after an 8% dip in full-year revenue to €1 billion.

Chairman Leonardo Ferragamo said: "I would like to thank Marco Gobbetti, who in recent years has set up and developed a significant brand renewal and evolution activity, as well as significant product innovation and brand positioning, while also carrying out important work on the organisational evolution of the company and the group, which is the basis for continuing the renewal strategy."

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