Change of leadership at Ricchetti Group

At the end of his five-year term in office, outgoing Chairman and CEO Alfonso Panzani is being replaced at the helm of Gruppo Ceramiche Ricchetti by Andrea Zannoni as Chairman and Andrea Lodetti as CEO. The appointments were approved on 8 May by the new Board of Directors convening at the end of the Ordinary General Meeting of Shareholders. Lodetti, who has a degree in Aeronautical Engineering from the Polytechnic University of Milan, has worked for a number of companies in the aeronautical sector and at Bain & Company, and has also held the position of Managing Director of a major Italian furniture sector company.

At the same meeting, the Board of Directors also named the new members of the Audit and Risk Committee, appointing the independent directors Annalisa Catelani and Franco Vantaggi, already members of the board together with Davide De Marchi and Anna Zannoni.

Gruppo Ceramiche Ricchetti, a listed company since 1996, closed the 2014 financial year with consolidated revenues of €185.2 million (compared to €184.1 m to 31/12/2013), an EBITDA loss of €4.1 m (compared to a loss of €9.1 m in 2013) and an EBIT loss of €11.4 m (compared to the €18.2 m loss of 2013). The net result, a €17.2 m loss, marked an improvement compared to the €19.7 m loss of 2013.