Giorgio Armani's deputy managing director, Giuseppe Marsocci, is set to be appointed chief executive of the Italian fashion house, a source said on Thursday, confirming a local media report.

The appointment will likely be approved by a board meeting to be held later on Thursday, the source added.

Marsocci, who has worked with the fashion house for over 20 years and also serves as Global Chief Commercial Officer according to LinkedIn, will step into the role previously held by the company's founder Giorgio Armani, who died in September.

As CEO, Marsocci will be tasked with steering the group through a period of major change, including the sale of a 15% stake, with priority given to luxury conglomerate LVMH , beauty heavyweight L'Oreal, eyewear leader EssilorLuxottica or another group of "equal standing", as outlined in Armani’s will.

Giorgio Armani group declined to comment.

Marsocci had been seen as a candidate for the role, along with Daniele Ballestrazzi, who has been Armani's Chief Operating and Financial Officer since 2015.

Giorgio Armani kept a tight grip on the fashion empire he set up 50 years ago but a new structure is now emerging for its next phase.

Pantaleo Dell'Orco, Armani's partner and close confidant and head of men's design, has been appointed to chair the Giorgio Armani foundation which controls 30% of the voting rights of his business empire. Dell'Orco already controls 40% of the luxury group's voting rights.