Rocco Sabelli has resigned from his position as chief executive officer of Piaggio & C. SpA and will be replaced by chairman Roberto Colaninno.
Piaggio's Board of Directors will vote on Colaninno's appointment at a Nov. 13 meeting.
Colaninno and Sabelli worked together since founding investment-holding firm Omniainvest in 2002. Later that same year, in November 2002, Omniainvest purchased control of Immsi SpA. Exactly one year later, in November 2003, Immsi purchased control of Piaggio. After the purchase, Colaninno became chairman of Piaggio and Sabelli, at the time chief executive at Immsi, took the reigns as CEO of Piaggio.
In July, Piaggio opened 31 percent of its stock to public trading for the IPO price of €2.30 ($2.90) per share. Shares hovered around €3.15 ($3.95) on the Milan Stock Exchange following Sabelli's October 26 announcement.
Copyright 2006 Powersports Business