The Italian luxury house Tod's finds itself without a chief executive after American executive John Galantic stepped down at the end of April, less than two years into his tenure. No replacement has been named, leaving operational control in the hands of Diego Della Valle and his son Andrea, the founding family that holds 54% of the company.
Galantic, an American executive who spent 16 years at Chanel—including a stint as head of U.S. operations—took the helm in September 2024, shortly after Tod's exited the Milan Stock Exchange. His departure was attributed to personal reasons and a return to the United States. The company made no immediate statement on interim leadership or a succession timeline.
Tod's Ownership and Structure
The company's governance reflects a complex ownership structure following its delisting in June 2024. The Della Valle family retains a controlling 54% stake, while L Catterton—the private equity firm backed by LVMH—holds 36%. LVMH itself maintains a 10% stake in the family-owned shoemaker known for its iconic Gommino driving shoe and luxury leather goods.
The departure leaves questions about the company's strategic direction as it navigates private ownership. Galantic was brought in to execute a familiar luxury playbook: expand retail presence in key markets, refresh product lines, and capitalize on the operational flexibility that comes with private ownership, freed from quarterly earnings pressures and public market scrutiny.
The Succession Question
For investors, employees, and industry observers tracking Italy's luxury export sector, the leadership gap introduces uncertainty. Tod's operates significant facilities in the Marche region, where artisanal shoemaking remains a cornerstone of local industry. The company employs hundreds and is connected to a network of suppliers across central Italy.
The Della Valle family has historically managed succession carefully while maintaining control. Whether they will pursue another international executive, promote from within, or consolidate leadership under Andrea Della Valle—the vice president—remains to be seen. The board is expected to address succession in the coming weeks.
Industry Context
Tod's delisting in June 2024 marked a strategic shift toward private ownership after decades as a publicly traded company. The move was intended to give the brand room for longer-term strategic investments without the constraints of public markets. Galantic's appointment followed this transition, positioning him as the external executive to lead the next phase of the company's evolution.
His departure after less than two years highlights the challenges luxury brands face in balancing family control with professional management. The Della Valle family, which founded the company, has traditionally played a central role in strategic decisions even when delegating day-to-day operations to professional executives.
The Road Ahead
Tod's iconic shoes continue production in central Italy, but the path forward for leadership remains unclear. The company has made no public statements about interim management arrangements or the timeline for naming a permanent successor. The situation underscores broader questions about succession planning in family-controlled luxury companies navigating global markets and shifting business models.
For now, the focus remains on how quickly Tod's can resolve its leadership transition and maintain operational momentum during the interim period.
