BREAKING: Kering gains 7% after management changes!

The shares of Kering (KER.FR), responsible for brands such as Gucci, Yves Saint Laurent and Balenciaga, are gaining more than 6.5% at the start of the session following an announced change in the company's board of directors to restore momentum to the Group's businesses. 

Kering announced that Marco Bizzarri, who has led Gucci since 2015, will leave the company on 23 September and that he has appointed managing director Jean-Francois Palus as the new CEO and president of Gucci for an interim period.

As part of the changes, Francesca Bellettini, who has led fast-growing fashion brand Yves Saint Laurent since 2013, has become Kering's deputy CEO in charge of operations and finance.

Source: xStation 5