(Alliance News) - Somec Spa on Friday announced that its subsidiary Mestieri Spa and Flavio Chiari have reached an agreement regarding the termination of the executive employment relationship and from the positions of general manager and managing director held by the latter in Mestieri.

The company pointed out that the agreement takes the form of a related party transaction - of minor significance - carried out through a subsidiary company and, therefore, the terms of the agreement have been examined in advance by the Appointments and Remuneration Committee, the Related Parties Committee - which have expressed their reasoned favorable opinion, as well as Somec's board of directors.

On Thursday, Somec closed 7.7 percent in the red at EUR15.10 per share.

By Claudia Cavaliere, Alliance News reporter

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