"Let's say Furlani informed Gerry Cardinale of his unwillingness to continue as CEO. The board acknowledge this communication and formally revoked the mandate pursuant to Article 2381 of the Italian Civil Code. Furlani remains a full director - with the associated rights, duties, and responsibilities - but no longer holds executive powers. This is the smoothest scenario from a business continuity perspective. It allows for a smooth transition, appointing a new CEO from among the existing directors."
"It should be remembered - and this is the point many overlook - that the CEO mandate is not granted to Furlani, but to the board of directors. Furlani can express his unwillingness to continue, but he cannot technically 'resign as CEO': he can only communicate his intention to Cardinale. The owner remains free to not accept it and to keep him in both roles - as CEO and as a director - until he deems most appropriate."
"At a time when Allegri and Tare also appear to be in doubt, having a simultaneous vacuum on three fronts - technical, sporting and executive - would be a governance nightmare that no rational owner would want to face ahead of a big summer."
"Massimo Calvelli is a candidate, for example, who has been a full member of the board since March 2026. It would be a simple board resolution, without calling a shareholders' meeting. It also allows Furlani to remain formally involved in governance until the 2025-26 financial statements."
Furlani’s situation is tied to possible changes in club leadership and fan protests. Four potential outcomes are outlined based on how the board and owner respond to Furlani’s willingness to continue as CEO. One outcome involves the board formally revoking Furlani’s executive mandate under Article 2381 of the Italian Civil Code, leaving him as a full director without executive powers and enabling a smooth transition to a new CEO from existing directors. Another outcome involves Cardinale refusing to accept Furlani’s communicated unwillingness, allowing him to remain both CEO and director. The scenarios also consider governance risks if multiple leadership areas face simultaneous vacancies.
Read at SempreMilan
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