MILAN (AP) - Inter Milan's new American owner Oaktree appointed veteran director Giuseppe Marotta as the club's president on Tuesday as the investment firm began its reign in earnest.
Marotta is one of the most experienced directors in Italian soccer and has served as Inter's chief executive since joining the club in December 2018. That was shortly after leaving Juventus following eight highly successful years with the Bianconeri as CEO and director general.
Oaktree also appointed six new members to the club's board of directors at a shareholders' meeting in Milan.
"I would like to thank Oaktree for the trust they have shown in giving me this opportunity to work alongside them and the board," Marotta said in a statement. "This appointment is an acknowledgement of the fantastic work of the many people who have run the club over the last three years. I am proud to be part of Inter and remain committed as ever to the club."
Marotta's moves in the transfer market were key to Juventus winning seven straight Serie A titles during his tenure, as well as a number of other trophies and reaching two Champions League finals. Inter has won five trophies, including two Serie A titles, during Marotta's time at the club.
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Oaktree officially took over Inter on May 22 - just three days after the Nerazzurri were presented with the Serie A trophy - after previous owner Suning failed to meet a deadline of repaying a debt of nearly 400 million euros ($434 million), stemming from a three-year loan.
The American fund now owns 99.6% of Inter, with the rest belonging to minor shareholders.
"Our goal is to ensure the long-term prosperity of the club by focusing on stable operational and financial management and sustainable growth," new board member Alejandro Cano said in his opening speech at the shareholders meeting, as representative for Oaktree.
"In this sense, the last few years of great victories provide us with a solid foundation. This AGM is the starting point for a new program of work."
Almost all the members of the previous board of directors and former president Steven Zhang have been replaced, with Marotta, Alessandro Antonello, Amedeo Carassai and Carlo Marchetti remaining.
"As new members of the board of directors of Inter, we understand our responsibility to Inter's community and legacy," Oaktree said in a statement. "As president, Marotta will provide strong continuity to the club, as well as experience, passion and dedication from a distinguished career in football.
"The board looks forward to supporting the president and Inter's management team in ensuring the club is positioned for continued success on and off the field."
As well as Cano, who is Managing Director and Co-Head of Europe for Oaktree's Global Opportunities strategy, Katherine Ralph, Renato Meduri, Carlo Ligori, Delphine Nannan and Fausto Zanetton are the new appointees that will make up the rest of the 10-strong board.
"The new board brings together expertise from across Italy and Europe, including the Oaktree team who have partnered with the club since 2021," Inter's statement read.
Inter is the eighth Serie A club under American ownership. The others are AC Milan, Atalanta, Fiorentina, Roma, Genoa and newly-promoted teams Parma and Venezia.
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