(Alliance News) - Sanlorenzo Spa announced Monday that Ferruccio Rossi, executive director, general manager and executive officer of Sanlorenzo and director of other companies in the group, has renounced with effect from April 8 the proxies granted to him by the board of directors on April 28 and June 22, 2022, and his employment as an executive officer of the company has been consensually terminated with effect from April 30.

Rossi will continue to hold the position of director without proxies of Sanlorenzo until the end of October, receiving the same compensation recognized to nonexecutive directors, and will gradually resign from other companies in the Sanlorenzo group.

The parties have also agreed to initiate the non-competition agreement stipulated at the time of his hiring, which will therefore last until April 30, 2025, the company specified in a note.

Sanlorenzo and Ferruccio Rossi are also considering signing a collaboration agreement to cooperate in the development of specific projects.

Ferruccio Rossi holds 259,618 Sanlorenzo shares.

Sanlorenzo's stock closed Monday up 1.4 percent at EUR42.25 per share.

By Chiara Bruschi, Alliance News reporter

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