SNAI’s chairman and managing director exits with payout

Monday July 13,2015 : EXECUTIVE SHUFFLE AS SNAI – COGEMAT MERGER PROGRESSES

SNAI’s chairman and managing director exits with payout.

Chairman and managing director of Gruppo SNAI, Giorgi Sandi, has stepped down as the merger between Gruppo SNAI and Cogemat/Cogetech Group progresses

Gabriele Del Torchio (who has been appointed as member of the Board of Directors following the resignation of Stefania Rossini) will serve as chairman and managing director of SNAI Group until the integration is fully completed.

On completion of the integration, Fabio Schiavolin – current chief executive officer of Cogemat and Cogetech – will assume the role of chief executive officer of SNAI Group, whilst Del Torchio will continue to act as Executive Chairman.

Sandi, who will leave the company with a Euro 900 000 payout as compensation for the duration of his term of employment, has entered into a 3-month non-compete agreement.