(Alliance News) - Prysmian Spa announced Friday that Massimo Battaini -- the company's current director and chief operating officer -- is the nominee to become the group's CEO.

Battaini will be introduced at the shareholders' meeting that will be called to approve the 2023 budget, then next year. The current CEO, Valerio Battista, has expressed his unwillingness to continue in the role for the 2024-2027 period.

Claudio De Conto, chairman of the board of directors, commented, "On behalf of the board of directors, the management team, and Prysmian's 31,000 employees, I want to thank Valerio for his leadership and fundamental contribution throughout his long career in the cable industry as CEO of the Prysmian Group and for the valuable contribution he will continue to make to the company until the natural end of his term and during the tenure of his side-by-side."

"Massimo Battaini is an experienced leader with a deep understanding of the cable industry and the company and is equipped with the necessary skills to ensure a smooth transition and to successfully guide Prysmian through its next phase of growth."

Valerio Battista said, "I have had the honor of leading this company for nearly two decades and have been privileged to be supported by a competent and well-established management team and many talented colleagues, without whom I would not have been able to make Prysmian a world leader in the cable industry. I am very proud of what we have achieved together. Massimo has been part of the team from the very beginning of our journey and has played a key role in the most important moments for the group."

"I have great confidence in Massimo as a candidate for my succession: he is a bright and dynamic leader who looks at value creation and will drive Prysmian's growth with dedication and energy. I will fully support Massimo in the transition to his new role and it is my intention to continue to support the group, in the way the board deems most appropriate."

Massimo Battaini added, "I am honored to be the designated candidate to assume leadership of this extraordinary company. I look forward to channeling the energy and passion of our brilliant resources to seize the future opportunities of the energy transition, electrification, and digital transformation. We will be rigorous and value-creating in working with our customers and partners with the pre-eminent goal of creating value in a sustainable way for all our stakeholders."

Prysmian's stock closed Friday up 0.7 percent to EUR35.34 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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