Thursday March 21,2013 : ITALIAN EXEC QUITS AFTER JUST 18 MONTHS
Mutual agreement on Bortoli's departure
For reasons that are not immediately clear, the chief executive of Italian gaming giant SNAI, Stefano Bortoli and the board of directors has agreed that he depart the company after only 18 months in the hot seat.
The agreement, which surfaced in a press release from the company last week, provides for Bortoli to make his exit at the end of the next shareholders meeting. The press release describes the agreement with Bortoli as "amicable".
His responsibilities will be taken over by Giorgio Sandi, currently the president of SNAI and a former CEO at Sisal.
Bortoli's resignation coincides with that of three other directors on the Board, which means that all of the members of the board of directors will automatically vacate their offices pursuant to article 14 of the company’s bye-laws.
Consequently, the Board has resolved to submit the appointment of directors as an item on the agenda for the shareholders’ meeting.
Global Games S.p.A., the major SNAI shareholder, has informed the Board that it intends to propose Giorgio Sandi as chairman and CEO of the company.