Why did Agnelli and the Juventus board resign?
The Italian giants are in disarray as a result of the resignations of both Vice Chairman Pavel Nedved and President Andrea Agnelli.
Juventus president Andrea Agnelli and Vice Chariman Pavel Nedved step down amidst investigation. According to reports, fellow board members Suzanne Heywood, Laurence Debroux, Massimo Della Ragione, Kathryn Fink, Daniela Marilungo, Francesco Roncaglio, and Kathryn Fink will all step down from their positions.
Although Maurizio Arrivabene, the managing director, resigned, he will continue to be in operations until a new board is chosen.
In a letter to staff members that Bloomberg saw on Monday, Agnelli said, “We are facing a delicate moment as a company and the unity has failed. It is better to leave everyone together, giving the possibility to a new team to overturn that game.”
Juventus board investigated for salary fraud.
The announcement comes in response to an inquiry launched after Juventus players and former head coach Maurizio Sarri agreed to lower their salaries during the COVID-19 epidemic. Italian prosecutors discovered certain anomalies after the team decided to do so and started looking more closely, which two years later led to widespread resignation.
The investigation of so-called pay moves’ resulted in a change to the team’s estimates of accrual costs as of the end of June 2020, June 2021, and June 2022.
Most of the assets owned by the Agnelli family, who established Fiat SpA approximately 125 years ago, are managed through the holding firm Exor NV. It is the biggest individual shareholder in Stellantis NV and owns other companies, including Ferrari NV, CNH Industrial NV, and media publisher The Economist Group Ltd. Since 1923, the Agnelli family has controlled Juventus, often abbreviated as Juve. Exor, directed by John Elkann, is in charge of overseeing all of the company’s business.
No European success for Juventus in the last decade
Juventus had success throughout the 2010s but could not achieve the same degree of prominence in Europe. They have since slipped from the top of the Italian footballing league, with both Milan teams winning the previous two Serie A championships.
As Juventus prepares to determine how to reorganize