In the wake of the passing of chair and CEO Robert Colaninno, Piaggio Group has promoted Michele Colaninno, chief executive of global strategy, product, marketing and innovation, to CEO.
Robert Colaninno, one of Italy’s best-known dealmakers, passed away on August 19, according to Reuters. No cause of death was given.
After the CEO’s passing, Piaggio’s board of directors reformulated the corporate governance structure after receiving the recommendations of the board committees.
- Director Matteo Colaninno has been appointed to the post of executive chair, with powers largely consistent with those he held previously.
- Director Michele Colaninno, who was already chief executive of global strategy, product, marketing and innovation, has been appointed CEO.
- The board also coopted Carlo Zanetti as a new non-executive director, keeping the number of board members unchanged.
The nine members of the Piaggio & C. S.p.A. board of directors now include Matteo Colaninno (Executive Chair), Michele Colaninno (CEO), Graziano Gianmichele Visentin (independent director), Rita Ciccone (independent director), Patrizia Albano (independent director), Federica Savasi, Micaela Vescia (independent director), Andrea Formica (independent director) and Carlo Zanetti.
The new director will remain in his post until the next meeting of the shareholders. The current board of directors term is due to end when the shareholders approve the financial statements for the year ending December 31, 2023.