Italia Independent Group: the Chief Executive Officer has resigned from his position

Italia Independent Group announced that the Chief Executive Officer Mario Pietribiasi has resigned from his position as Director and Chief Executive Officer of the company, with effect from 9 October 2019. Mario Pietribiasi declared that he had resigned because of a different strategic vision as compared to the other Directors.

The Board of Directors of the company has already identified the suitable candidate to replace Mario Pietribiasi; the name of the new Director will be communicated upon completion of the corporate procedures required for the appointment.

It should be noted that (i) the resigning Director was not qualified as an Independent Director pursuant to current legislation and regulations; (ii) he is not a holder of shares in the Company; and (iii) he has no right to indemnities or other benefits resulting from the termination of his office.

The Chairman of the Board of Directors, Lapo Edovard Elkann, and the Director Giovanna Dossena confirmed their firm will to support the Company and its team in the relaunch and implementation phase of the new business model, with the aim of building a solid future for the Company and the Italia Independent brand.