The board of Juventus, led by Andrea Agnelli, has resigned “in the best interest of the company,” according to a statement released on Monday by the Italian Serie A soccer team.
The collective resignation follows recent investigation into Juventus’ financial reports by Italian market regulator Consob and Italian prosecutors for possible incorrect accounting and market manipulation. Any impropriety had been refuted by the company.
Given “the gravity of the outstanding legal and technical/accounting concerns,” Juventus’ directors decided it would be appropriate to address the situation by a new board at their meeting on Monday.
It was added that the financial accounts for the fiscal year that ended in June 2022 would need to be restated.
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Exor, the holding company for the Agnelli family, which controls the business, announced that it had asked CEO Maurizio Arrivabene to remain in his post and had named Maurizio Scanavino as general manager.
Juventus announced that a shareholder meeting has been called on January 18 to elect a new board.
Andrea Agnelli, who has served as Juventus’ chairman since 2010, will not run for re-election, a person familiar with the situation stated.
Andrea Agnelli referred to the business position in a letter to the Juventus staff as “delicate.”
“When the team is not cohesive it becomes vulnerable and that can be fatal,” he wrote.
“This is when you need to keep calm and contain damages: the company is going through a delicate phase and we’re no longer cohesive. Better to quit all together, giving the chance to a new team to turn the game around.”
