(Alliance News) - Piaggio & C Spa announced Friday that its board of directors, meeting following the death of chairman and CEO Roberto Colaninno, has redefined new corporate governance.

Board member Matteo Colaninno was appointed executive chairman, with powers in substantial continuity with those previously attributed to him.

Director Michele Colaninno, formerly chief executive of global strategy, product, marketing and innovation, was appointed managing director - chief executive officer.

The board of directors also proceeded to co-opt, by resolution approved by the board of statutory auditors, Carlo Zanetti as a new nonexecutive member, keeping the number of directors unchanged. Zanetti does not own any Piaggio & C. shares.

The 9-member board of directors - of which the majority, amounting to 5 members, meet the independence requirements - thus consists of Matteo Colaninno and Michele Colaninno together with independent directors Graziano Gianmichele Visentin, Rita Ciccone, Patrizia Albano, Micaela Vescia, and Andrea Formica and directors Federica Savasi and Carlo Zanetti.

The natural expiration of the current board, the company points out, is scheduled with the shareholders' meeting that will be convened to approve the December 31 financial statements.

Piaggio's stock is in the green by 0.7 percent at EUR3.55 per share.

By Chiara Bruschi, Alliance News reporter

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