(Alliance News) - Intred Spa announced Monday that it has signed an agreement with Federico Protto, who will join the company first as general manager and later also as CEO.

DM Holding Srl, the company's majority shareholder, undertook as part of the agreement, if the conditions are met, to vote favorably with reference to the appointment of Federico Protto as a director of the company at the shareholders' meeting to approve the financial statements as of Dec. 31, 2023, which must inter alia deliberate on the appointment of the new board of directors, and to indicate Federico Protto as a candidate for the position of CEO.

Daniele Peli, co-founder, president and CEO of Intred, said, "I am pleased to announce the beginning of a partnership with a high-level manager with extensive experience in the telecommunications sector. This agreement is part of the process of managerialization promoted by the board of directors and is of particular importance as it will enable the company to further maximize the development of all its components, enhancing the substantial infrastructure investments made in recent years. I confirm my continued commitment to the company to promote growth through both internal developments and external opportunities."

Federico Protto commented, "I am proud to join the Intred team. The company has created great value in recent years, thanks in part to the IPO, and is an example and model of excellent management and sustainable development. I share with Daniele Peli the ambition to further expand the business in Italy and abroad and to make Intred's positioning increasingly central in the domestic and international telecommunications landscape."

Intred's stock closed Monday down 2.3 percent at EUR9.28 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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