Italian fashion group Prada has appointed former Luxottica chief Andrea Guerra as its new CEO, taking the place of Patrizio Bertelli and Miuccia Prada as planned.

The group announced in December that Guerra would take the helm of the group, easing a transition to the next generation of the founding family.

Guerra, 57, will get a remuneration of around €151,000 euros per month, including salary, benefits in kind, pension, healthcare, and he will also be entitled to a discretionary bonus and other incentives, Prada said in a statement.

Guerra will also be paid a director’s fee of €50,000 euros per annum.

• Reporting by Elisa Anzolin, editing by Gianluca Semeraro, of Reuters.