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TheStreet Open House

Natuzzi: Election Of The New Board Of Directors, Pasquale Natuzzi Confirmed As Chairman And Chief Executive Officer

Stocks in this article: NTZ

Natuzzi S.p.A. (NYSE:NTZ), the largest furniture house in Italy and the player with the greatest global reach in its sector, announced today that the board of directors, that was elected at the Company’s annual general shareholders’ meeting held on April 28, 2014, has confirmed Mr. Pasquale Natuzzi as Chief Executive Officer of the Natuzzi Group.

The new board of directors, whose terms will expire on the date of the shareholders’ meeting that will approve the financial statements for fiscal year 2016, currently consists of nine members, four of whom were previously on the board (Pasquale Natuzzi, elected as Chairman, Antonisa Perrone, Giuseppe Antonio D’Angelo and Giuseppe Marino), and five new members: Dimitri Duffeleer, Managing Director & Co-Founder of Quaeroq CVBA, an investment firm that focuses on small and mid-sized companies and that is a holder of 5% of the Company’s outstanding shares; Cristina Finocchi Mahne, Professor of Advanced Business Administration at the Faculty of Economics of the University of Rome La Sapienza; Ernesto Greco, Chief Financial Officer and General Manager for Administration, Control and Information Systems of the Ferragamo Group; Vincenzo Perrone, Professor of Organizational Theory and Behavior at Bocconi University, Milan; and Stefania Saviolo, Director of the Luxury & Fashion Knowledge Center at SDA Bocconi School of Management, Milan.

Pasquale Natuzzi, noted, “I thank our shareholders and directors for the confidence they have shown in me by confirming me as Chairman and Chief Executive Officer. I also thank the outgoing members of the board for their contribution over the past few years, and I also wish to thank those who have been re-elected to the board for their contribution over the coming years. I welcome the new five directors, who are all prestigious professionals with particularly distinctive backgrounds. The new board of directors will be in charge of supporting management in achieving our ambitious goals included in the 2014-2016 business plan, approved on February 28, 2014, and that foresees, after a two year period dedicated to the restructuring of our operations and the execution of the strategy, an increase in sales and a return to profitability.”

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