VILLORBA, Italy — The Board of Directors of Massimo Zanetti Beverage Group S.p.A. (the “Company” or “MZBG”), one of the leading brands worldwide in the production, processing and marketing of roasted coffee and other selected categories of colonial products, listed on the Milan Stock Exchange (MZB.MI), hereby informs that as of today Mr. Leonardo Rossi has been appointed by co-optation as new Director of the Board, to replace Mr. Larry Quier, in accordance with the agreed succession plan.
Leonardo Rossi, who joined Massimo Zanetti Beverage Group S.p.A. in May 2016 as Finance Director, has a strong international background in the consumer industry.
Larry Quier has been with Massimo Zanetti Beverage USA since 2005 and he has served as Director for the Company since 2014. He has contributed, with his experience and competences, to the achievement of important goals including the listing of the Company.
Larry Quier will maintain his role of Chief Strategy Officer of Massimo Zanetti Beverage USA. During the same meeting, the Board of Directors, in accordance with the agreed succession plan already mentioned, also resolved to appoint Leonardo Rossi as Chief Financial Officer, Director responsible for the internal control and risk management system and Responsible of the Inside Information Management Function.
Those functions were previously assigned to Massimo Mambelli, Director of the Company who will remain in the Board of Massimo Zanetti Beverage Group S.p.A. and maintain all the other offices and positions held in the other companies of the group.
“I would like to thank Larry Quier and Massimo Mambelli for the important contribution that they have made to the growth of this Group over this long period of time and I am pleased that they will remain within the Group with relevant positions”, commented Massimo Zanetti, the Group’s Chairman and CEO.
Based on the declarations made by the new Director, the Board of Directors has verified that Leonardo Rossi possesses the reputation requirements and that there is no reason for his ineligibility or incompatibility and he satisfies the requirements for the position established by the applicable regulations.
It is also announced that, based on the information available to the Company, as of today Leonardo Rossi does not hold Company shares; his curriculum vitae is available on the Company website www.mzb-group.com in the Corporate Governance section.
Following the recommendations contained in art. 6.P.5 of the “Code of Self-discipline” for companies listed on the stock market, any type of compensation or indemnity will be paid to Larry Quier following the termination of the position of Director of the Company. Therefore Larry Quier will receive as Director of the Company a total amount of Euro 13,890.00, corresponding to the compensation accrued from January 1, 2018 to June 18, 2018.
Lastly, having noted that from this year the Company cannot use the regime established by Article 3, paragraph 1), letter g) of the Consob Regulation 17221 of 12 March 2010, which allows “recently listed companies” to also apply the procedure for minor transactions to major transactions, the Board of Directors, with the recommendation of the Related-Parties Committee, resolved to update the procedure for related-party transactions to include specific rules for major transactions. The updated version of the procedure will be published on the Company’s internet site at the address www.mzb-group.com, Corporate Governance section.
Leonardo Rossi – Curriculum vitae
Born in Piacenza on April 12th 1972, he graduated in Economics at the Luigi Bocconi University in Milan. From 1998 to 2000 he works in the Finance Department at Sisal group and, from 2000 to 2003, in the Strategic Planning Department of Hutchison 3G Italia (nowadays “WindTre”).
In 2003 he joins Barilla group as Finance Manager and from 2006 to 2007 he is in Chicago working in the US subsidiary. In October 2008 he works with Rana group as Finance Manager Export Markets where, until 2011, he follows the European subsidiaries and, from 2001 to 2016, he is engaged in the start-up of the American subsidiaries in Chicago and New York.
From May 2016 he works for the Group as Finance Director and since February 2018 he is Manager in charge of the Company’s financial reports.
