(Alliance News) - Caleffi Spa reported Thursday that it posted first-quarter revenues of EUR11.2 million, down 23 percent from the first quarter of the previous year.

The board of directors also defined its governance structure as follows: Rita Federici:, vice-president and style managing director, Guido Ferretti, corporate managing director, Raffaello Favagrossa, market and product managing director. ?

The board of directors also confirmed the proxies previously assigned during the past term of office.

Guido Ferretti and Raffaello Favagrossa were identified by the board as Chief Executive Officers.

Chief Executive Officer Guido Ferretti has also been assigned the functions of Chief Executive Officer for the purposes of establishing and maintaining the internal control and risk management system and the delegation of responsibility for sustainability issues related to the exercise of business activities.

Caleffi's stock trades at parity at EUR0.87 per share.

By Chiara Bruschi, Alliance News reporter

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