Mark Lee Quits Gucci
Gucci CEO Mark Lee has announced that he is resigning from his position as of Dec 31, 2008, despite having achieved considerable growth and success over the past 3 years with the respected luxury fashion house.
Lee will be replaced by Bottega Veneta President and CEO Patrizio di Marco, effective Jan. 1, while di Marco will be succeeded by Marco Bizzari, CEO at Stella McCartney. All three fashion houses are part of Gucci Group, the world's third largest luxury group, which is controlled by quoted French company PPR.
In a statement, Lee insisted he was stepping down to "pursue other interests and spend more time in New York City," indicating that he was not about to start of new career with other luxury firms.
Lee has been at Gucci for 4 years, ever since former heads Dimenico De Sole and Tom Ford were edged out of the company by the new French owners. Creative director and designer Tom Ford has enjoyed ample success in his career since parting with Gucci, and his Lee-appointed successor Frida Giannini has impressed consumers with her fashion and accessory designs for Gucci.
In 2007, Gucci's profits totalled $3.19 billion.