Calvelli becomes AC Milan’s de facto CEO. Furlani’s powers inherited: the €10m ceiling and all the key details

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More than three weeks have passed since Giorgio Furlani was dismissed along with the other figures deemed responsible for Milan’s sporting failure. Despite that, he remains AC Milan’s chief executive in formal terms, at least until October. This is an entirely normal and expected procedure, given that changing the CEO of a company is not something that can be completed in a matter of seconds. In practical terms, however, Furlani is no longer working at Casa Milan. Massimo Calvelli is currently the club’s de facto CEO.

Furlani’s powers have been transferred to him, and he is now overseeing both ordinary and extraordinary operations. This emerges from the extract of the company registry document available from the Chamber of Commerce concerning Calvelli’s role as a Milan board member, updated after the club’s board meeting on 29 May.

Calvelli’s powers as Milan’s de facto CEO
As the document seen by MilanNews.it confirms, Calvelli joined Milan’s board as a director on 5 November 2025, after entering the RedBird structure as a consultant focused specifically on the sports business. The document sets out in detail the powers granted to him under the resolution of 29 May — effectively the same chief executive duties previously held by Furlani before his dismissal.

Among them are 21 powers exercisable with a single signature, but subject to a transaction limit of €10m. This ceiling does not have a major impact on institutional or administrative responsibilities - such as correspondence, representation duties, relations with bodies and federations, internal coordination, reference roles and communications, as well as staff management - but it does carry weight when it comes to more strictly operational powers.

These include relations with agents, the management of projects assigned to the chief executive, matters relating to the new stadium, purchases of goods, sponsorship, insurance and advertising agreements and contracts, and, above all, the handling of player and coaching staff transfers. In simple terms, this means that, for as long as these powers remain in force in their current form, Calvelli will need ownership approval to move forward with any transfer-market operation worth more than €10m. There is also a list of five items he can approve jointly with CFO/COO Stefano Cocirio for amounts between €5m and €20m, relating to the club’s banking and financial management.

AC Milan: what happens to Furlani?
As mentioned at the outset, Furlani remains Milan CEO de jure, even though he has no longer been working in Via Aldo Rossi since being informed of his dismissal. The former chief executive will remain in office at least until next October, when the ordinary shareholders’ meeting is expected to approve the accounts for the most recent season - a financial year he himself oversaw. The delegated powers will remain with Calvelli, who will effectively operate as Milan’s CEO from now until the autumn, while the club’s ownership decides its next move.

In recent weeks, the search for personnel has focused mainly on the head coach and sporting executives. It is likely that Gerry Cardinale will also assess the market for a new chief executive between now and October, taking advantage of the breathing space provided by the powers inherited by Calvelli.