Andrea Agnelli’s step back, where he can take the “blank page”

The former Juventus president has announced the exit from the boards of Exor and Stellantis

In a country where hardly anyone resigns, the step backwards by Andrea Agnelli has significant significance. The problems related to management of Juventusand the investigation into capital gains, which have imposed a drastic change with the resignation of the entire board of directors, also bring with them a more or less free personal choice: the experience of the now former president of the Juventus club also ends in the board of directors of Exor and Stellantis.

Agnelli announced the decision by speaking to the Juventus assembly. “With the meetings of listed companies in which I participate as a director, I will take a step back, it was my personal decision taken in agreement with John (Elkann, ed), with whom the relationship remains absolutely very close on what is the sharing of development strategy of the Group, AjaY Banca and Carlos Tavares. My will is, after such an intense period, to be able face the future with a free blank page and strong and therefore the step back I consider indispensable”.

A blank page that means many things. The first concerns the relationship with John Elkann. Agnelli defines it as “very narrow”, various reconstructions credit a different version, recounting profound differences. Staying with the official nature, the declarations and the communication that accompanies the difficult passages that are marking the evolution of the top management structure at Juventus, he insists on the decisions “taken in agreement”.

Surely, the blank page raises a series of questions that go beyond Juventus. The main variable, with respect to the overall structure of the industrial group headed by the family, is whether or not Andrea Agnelli remains within the company which, upstream, controls everything else: Giovanni Agnelli B.V. The photograph of the shareholding sees the company Dicembre of John Elkann (expression of the heirs of Gianni Agnelli) the first shareholder at 38% and the branch of Umberto Agnelli (therefore Andrea Agnelli and his sister Anna) with a share close to 12%.

Today’s developments may fuel the hypothesis that Andrea Agnelli could leave, with the liquidation of the quota, accounts in hand with a value close to one billion euros, which would allow him to finance other personal initiatives, outside from the ‘family business’. How credible this scenario is will be revealed in the coming weeks and months, but the exit from the board of directors of Exor and Stellantis can be read, in the meantime, as a preparatory step for a separation. Also in this case, it could be an “agreed” landing with his cousin John Elkann. (Of Fabio Insenga)