Following the announcement of the August 15th death of Piaggio Chair and CEO Roberto Colaninno at the age of 80 , Piaggio & C . S . p . A . ( PIA . MI ) moved to confirm a new senior management corporate structure in early September . His two sons , who inherit their father ' s 51.1 % controlling stake in Piaggio parent company IMMSI ( IMSI . MI ), have been appointed to the key senior management roles . Director Matteo Colaninno , 52 , has been appointed to the post of Executive Chair , with powers largely consistent with those he held previously . Director Michele Colaninno , 46 , who was already Chief Executive of global strategy , product , marketing and innovation , has been appointed Chief Executive Officer . Michele Colannino is additionally CEO and COO of IMMSI and is the current serving president of the Association of European Motorcycle Manufacturers ( ACEM , Brussels ). The Piaggio board also co-opted Carlo Zanetti as a new non-executive director , so keeping the number of board members unchanged . The nine members of the Piaggio & C . S . p . A . Board of |
Directors are now therefore Matteo Colaninno ( Executive Chair ), Michele Colaninno ( CEO ), Graziano Gianmichele Visentin ( independent director ), Rita Ciccone ( independent director ), Patrizia Albano ( independent director ), Federica Savasi , Micaela Vescia ( independent director ), Andrea Formica ( independent director ) and Carlo Zanetti . Roberto Colaninno was admired and reviled in equal measure , but there is no doubting the profoundly positive impact he and his family have had in turning Piaggio from a famed but failing Italian business into a profitable and increasingly progressive conglomerate . |
Michele Colaninno |
Colaninno acquired Piaggio in 2003 and moved quickly to buy both Aprilia and Moto Guzzi in 2004 . One of Italy ' s best known financial deal makers , per Reuters , Colaninno was a central figure in the country ' s industrial landscape who managed to turn around a number of failing companies , but also left a mixed corporate legacy . " He is most famous for his surprise $ 58bn leveraged buyout of Telecom Italia ( TLIT . MI ) in 1999 , at the time the world ' s largest hostile takeover . Many investors applauded him for masterminding the deal , but allies grew disenchanted over his plans to cut the |
Matteo Colaninno |
Roberto Colaninno
debt mountain he had created and forced him to sell control of the group to tire-maker Pirelli . " While Telecom Italia struggled to recover from the debt burden that drained its finances for years , Colaninno emerged from the deal with a fortune of his own , enabling him to buy IMMSI ( IMSI . MI ), a Telecom real estate business that he turned into an investment company . " In 2008 , Colaninno looked to revive another struggling Italian icon , national carrier Alitalia , investing heavily in the airline in 2008 and becoming chairman in the process . " However , like many before him , he failed to turn the company around , and it was eventually shuttered . He was sent to trial last year along with 13 other defendants accused of fraudulent bankruptcy at the airline . He denied wrongdoing . The case has yet to come to court ."
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