(Alliance News) - Fiera Milano Spa announced Tuesday that Andrea Maldi has resigned as the company's chief financial officer and chief accounting officer.

Maldi, who consensually terminated his contract with the soceity, is due EUR400,000 in severance pay, plus EUR50,000 linked to the MBO 2023 plan. He is also the beneficiary of 38,750 Fiera Milano shares falling under the 2021-2022 performance share plan.

Replacing him in both roles will be Massimo De Tullio, former Group Planning & Control Director of Fiera Milano since 2018.

Still, the board of directors resolved a revision of the top management organizational model, with the aim of further accelerating the execution of the company's growth objectives, establishing the role of deputy general manager taken on by Roberto Foresti, who will report directly to Francesco Conci, the company's CEO and general manager, and will be called upon "to coordinate and optimize the operational activity of the business divisions," as the company explainedot.

Roberto Foresti has a consolidated professional experience in Fiera Milano, since 2022 he held the position of Strategic Marketing Director, from 2008 to 2015 he led the commercial and international development of the group as Commercial and International Business Director; finally, he served as Sales Director from 2003 to 2007.

Foresti and De Tullio do not hold shares in the company.

"The two new appointments are part of the reorganization process undertaken by the company in order to streamline the structure for the purpose of greater simplification and business focus. The goal of the new management will be to further accelerate the growth process of the exhibition and congress business, maximizing the potential of all the different business lines and further strengthening Fiera Milano's international vocation," the company said.

Fiera Milano's stock closed down 1.2 percent at EUR2.44 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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