(Alliance News) - The ways of Spindox Spa and co-founder and CEO until 2023, Luca Foglino, are parting ways due to differences over the management of the company.

Foglino is leaving the company along with board member Giulia Gestri, and both are forgoing any severance pay or emoluments of any kind. The decision by the individuals concerned matured as a result of the substantiation of a divergent view regarding the strategic choices made by the company's current governance and the resulting reorganization, which was launched in February.

Foglino holds 1.3 million shares in Spindox, or 22.1 percent of the latter's capital, while Gesti holds 390,440 shares in the company, or 6.5 percent of its capital.

Paolo Costa, president of Spindox, stressed that "the agreements with Foglino and Gestri were reached in a professional and mutually beneficial context. It is only fair to be grateful for the contribution the two colleagues have made to the growth of the company over many years of work. In particular, Foglino is credited with having been the soul and driving force behind Spindox since its founding. The divergence of vision that has accrued in recent times-which led to the change in governance last December and Foglino and Gestri's decision to seek new professional opportunities-does not erase that contribution."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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