(Alliance News) - Fidia Spa announced Thursday that Giuseppe Morfino has resigned as chairman and chief executive officer effective immediately.

The chairman and chief executive officer was given broad management authority as the company's chief executive officer.

The resignation is part of the handover steps provided for in the arrangement proposal approved by the Ivrea Court last June 24.

On Friday, the board of directors will meet to appoint a new chairman.

Fiadia on Thursday ended 1.6 percent in the red at EUR1.52 per share.

By Claudia Cavaliere, Alliance News reporter

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