The entire Juventus board has resigned.
The collective resignation comes after Juventus’ financial statements were scrutinized by prosecutors and Italian market regulator Consob in recent months for false accounting and market manipulation. The company had denied any wrongdoing.
Juventus said its directors discussed the matter at a meeting on Monday and concluded it would be best dealt with by a new board, given “the relevance of the legal and technical issues/ pending accounts”.
He added that he should restate his financial statements for the year ending June 2022.
The company, which is controlled by the Agnelli family’s holding company, Exor, said it asked CEO Maurizio Arrivabene to keep his job and appointed Maurizio Scanavino as chief executive.
Juventus said it had called a shareholders’ meeting on January 18 to appoint a new board.
Andrea Agnelli, who has been president of Juventus since 2010, will not seek reappointment, a source with knowledge of the matter told Reuters.
In a letter to Juventus staff seen by Reuters, Andrea Agnelli described the company’s situation as “delicate”.
“When the team is not cohesive they become vulnerable and this can be fatal,” he wrote.
“This is when you have to keep calm and contain the damage: the company is going through a delicate phase and we are no longer consistent. Better to resign all together, giving a new team the chance to overthrow steam.”
Additional Reuters reports