The collapse, 1340–1343

The news of the death of Bonifazio reached the company's head-quarters in Florence on October 25. On the following day, those shareholders resident in Florence met and agreed to appoint as chairman Bonifazio's brother, Pacino di Tommaso, changing the name of the company for the third time in four years. Pacino faced the unenviable task of taking charge of a company that was fighting for its very survival. The new chairman was a very different type of leader from his brother. Unlike Bonifazio, who was inclined to take bold initiatives and whose interests lay abroad, Pacino appeared to be cast in the conservative mold of his father Tommaso. His were the “ink-stained fingers” that compiled the Assets and Secret Books of the Sixth Company. His preoccupations were with local politics rather than foreign ventures, and he showed no interest in rushing to England to take up where Bonifazio left off. Thus, for the second time in succession, the appointment of a new chairman was accompanied by a sharp change in the direction of company policy. The effect of the new management priorities was promptly felt in England, although the London branch headed by Giovanni Baroncelli continued to do its utmost to maintain the company's position there. For the first time, the Peruzzi began to back out of its obligations. Following England's truce with France, the Bardi and Peruzzi agreed to secure the release of the earls of Derby and Northampton within fifteen days of the receipt of 500 sacks of wool promised by the king's council.