(Adds details, background from paragraph four) MILAN, Oct 14 (Reuters) – The Giorgio Armani Foundation, set up in 2016 and a pillar of the late Italian designer's succession plan, has named Armani's business and life partner Pantaleo Dell'Orco as its new chairman, a document seen by Reuters showed. The Foundation's board consists of a further four members: Rothschild banker Irving Bellotti, Giorgio Armani's nephew Andrea Camerana, notary Elena Terrenghi and Legance lawyer Andrea Silvestri. The designer, known in the industry as "King Giorgio", died on September 4, aged 91. The foundation, which was chaired by Armani until his death, controls 30% of the voting rights of his business empire. It will propose the name of the fashion group's new CEO, the company's executive committee said last month. Among other things, Armani's will instructed the heirs to sell a 15% stake in the group, with priority given to luxury conglomerate LVMH, beauty heavyweight L'Oreal , eyewear leader EssilorLuxottica or another group of "equal standing" identified by the Foundation with the agreement of Dell'Orco. (Reporting by Elisa Anzolin, editing by Giulia Segreti)
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