Home » Juve revolution, the entire board of directors resigns: Andrea Agnelli is no longer president. Maurizio Scanavino general manager

Juve revolution, the entire board of directors resigns: Andrea Agnelli is no longer president. Maurizio Scanavino general manager

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Juve revolution, the entire board of directors resigns: Andrea Agnelli is no longer president.  Maurizio Scanavino general manager

A revolution to change Juve. After 12 years Andrea Agnelli is no longer the Juventus president and with him the entire Board of Directors of the club falls after an extraordinary board of directors who preferred to take a step back, and will thus end an era, to avoid worse trouble after all that it happened in the last few months. “We are facing a delicate moment from a corporate point of view and compactness has failed – Agnelli wrote in a letter to the employees -: it is better to leave everyone together, giving the possibility to a new formation to overturn that game”. It was a bolt from the blue that shocked the Juventus world, when a long press release was published just before ten in the evening in which the decision was made to renew the entire Board of Directors, after the resignation of all ten members, in addition to amending the draft financial statements and the consolidated financial statements at 30 June 2022, publishing the press release containing the information requested by Consob, assigning Maurizio Scanavino the role of general manager and convening the shareholders’ meeting for 18 January 2023 .

The curtain falls after having corrected a balance sheet with 254 million euros of losses, awaiting the approval of the shareholders on December 27 (the meeting has been postponed twice, postponed from October 28 to November 23), while the investigation of the The Turin prosecutor’s office has closed the investigation into suspicious capital gains in recent years and the contested “salary maneuver” with 16 suspects, including the Juventus president himself and the main executives. The decision came after a long and tense Board meeting at the Continassa headquarters, where Daniela Marilungo (independent director and member of the “Control and Risk Committee”) justified her resignation by claiming the impossibility of exercising her mandate with due serenity and independence also, but not only, for deeming that she has not been placed in the position of being able to fully “act informed” in the face of issues of certain complexity. The BoD did not agree and «on a proposal from President Andrea Agnelli – reads the club’s press release -, all members of the Board of Directors present at the meeting declared that they would resign. For the same reasons, each of the three directors holding proxies (the Chairman Andrea Agnelli, the Vice-Chairman Pavel Nedved and the Chief Executive Officer Maurizio Arrivabene) deemed it appropriate to hand over the powers conferred to the Board. However, the Board has requested Maurizio Arrivabene to maintain the position of Chief Executive Officer. Juventus will continue to collaborate and cooperate with the supervisory and sector authorities, without prejudice to the protection of its rights in relation to the disputes raised against the Company’s financial statements and press releases by Consob and the Public Prosecutor’s Office».

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The transition is significant, also because Juve, after new legal consultations on the case of “salary maneuvers”, has decided to “revise upwards the estimate of the probability of fulfillment of the conditions of permanence in the squad for those players who in the two-year period 2019/20-2020 /21 waived part of their salaries and with which salary integrations or “loyalty bonuses” were subsequently concluded”, with news expected in the half-year report as at 31 December 2022. Now, however, a new president has to be found in the season that brings to the centenary of the Agnelli family at the helm of Juventus

The press release

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