More than three weeks have passed since Giorgio Furlani was dismissed along with the other figures deemed responsible for Milan’s sporting failure. Despite this, he still formally remains the CEO of Milan at least until October. This is an entirely normal and expected procedure, as replacing a company CEO is not something that can be completed in a matter of seconds.
In practical terms, however, Furlani is no longer working at Casa Milan: de facto, Massimo Calvelli is currently the CEO of Milan. Furlani’s powers have been transferred to him, and he is carrying out both ordinary and extraordinary management operations. This emerges from the extract of the company register document available at the Chamber of Commerce regarding Calvelli’s role as club board member, updated after the Milan board meeting of 29 May.
Massimo Calvelli as new CEO of AC Milan?
Massimo Calvelli, as relayed via MilanNews.it, joined Milan’s board of directors as a board member on 5 November 2025, after having entered RedBird’s organisational structure as a specific consultant on the sports business sector (a profile of him is available). The document sets out in detail the powers granted to him by the resolution of 29 May, effectively the same duties as CEO previously held by Giorgio Furlani before his removal. Among these are 21 powers exercisable with a single signature but subject to operations with a limit of 10 million euros. This threshold does not significantly affect institutional or administrative delegations, such as correspondence, representational duties, relations with institutions and federations, internal coordination, liaison and communication roles, as well as personnel management, but it does have an impact on more strictly operational powers. These include relations with agents, management of projects assigned to the CEO, stadium development matters, purchases of goods, sponsorship, insurance and advertising agreements and contracts, and above all the management of player transfers and technical staff. In simple terms, this means that, for as long as these delegations remain in force in their current form, any transfer operations above 10 million euros will require approval from the ownership for them to proceed. There is also a list of five items that he may approve jointly with CFO/COO Stefano Cocirio for amounts between 5 and 20 million euros, relating to the club’s banking and financial management.
What about Giorgio Furlani?
As mentioned initially, Giorgio Furlani remains 'de jure' CEO of Milan, despite no longer working at the club since being informed of his dismissal. The former CEO will remain in office at least until next October, when the annual shareholders’ meeting will approve the financial statements for the last season that he himself oversaw. The powers will remain with Calvelli, who will effectively operate as Milan’s CEO until autumn, while waiting to see how the ownership intends to proceed. In recent weeks, recruitment has focused mainly on the coach and sporting executives: it is likely that Gerry Cardinale will look around between now and October, taking advantage of the breathing space provided by these delegated powers to Calvelli, in order to begin a new selection process for a new chief executive as well.
