Annual General Shareholders’ Meeting of Natuzzi S.P.A.

Rhea-AI Summary

Natuzzi S.p.A. (NYSE: NTZ) held its annual general shareholders' meeting on May 30, 2024. During the meeting, shareholders approved the company's financial statements for the fiscal year ending December 31, 2023, and acknowledged the approval of the 2023 consolidated financial statements. The Board of Directors for the term 2024-2026 was re-elected, with Antonio Achille confirmed as CEO and Pasquale Natuzzi as Executive Chairman.

New external auditors PWC were appointed for 2024-2026, replacing KPMG. Additionally, the Board appointed committees for control and risk, and related party transactions. Vito Plantone was appointed as an alternate member of the Board of Statutory Auditors.

Positive

• Approval of financial statements for the fiscal year ending December 31, 2023.
• Re-election of the Board of Directors ensures continuity and stability.
• Confirmation of key leadership positions: Antonio Achille as CEO and Pasquale Natuzzi as Executive Chairman.
• Appointment of new external auditors PWC for a three-year term, indicating a fresh perspective on financial audits.

Negative

• Early cessation of KPMG as the company's principal independent registered public auditor may raise concerns about audit consistency.
• Resignation of Mr. Vito Passalacqua from the Board of Statutory Auditors due to personal reasons could indicate internal challenges.

─ Approved the Company’s Financial Statements for 2023

─ Appointed Members of the New Board of Directors for the Three-year Period 2024-2026

─ Antonio Achille and Pasquale Natuzzi Confirmed, Respectively, as CEO and Executive Chairman of the Board of Directors

─ Appointed New External Auditors for the Three-year Period 2024-2026

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)-- Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company” and, together with its subsidiaries, the “Natuzzi Group”) announced today that it held on first call its annual general shareholders’ meeting on May 30, 2024 (the “Annual General Meeting”).

At the Annual General Meeting, the shareholders approved the Company’s stand-alone financial statements for the fiscal year ended December 31, 2023 and acknowledged the approval of the 2023 consolidated financial statements of the Natuzzi Group by the Company’s Board of Directors at a meeting held on April 5, 2024.

At the Annual General Meeting, the shareholders re-elected former members Antonio Achille, Pasquale Natuzzi, Antonia Isabella Perrone, Pasquale Junior Natuzzi, Marco Caneva, Giuseppe Antonio D’Angelo, Alessandro Musella and Gilles Bonan as members of the Company’s Board of Directors for the three-year term 2024-2026. On June 5, 2024, the Board of Directors met and confirmed Antonio Achille as Chief Executive Officer, and Pasquale Natuzzi as Executive Chairman of the Board of Directors. The Board of Directors also appointed a Control and Risk Committee, composed of Marco Caneva, acting as Chairman, Alessandro Musella and Giuseppe Antonio D’Angelo, as well as a Related Party Transactions Committee, composed of Giuseppe Antonio D’Angelo, acting as Chairman, Gilles Bonan and Marco Caneva.

Furthermore, at the same Annual General Meeting, the shareholders approved the early cessation of KPMG’s appointment as the Company’s principal independent registered public auditor, as requested by KPMG, and appointed PWC as the Company’s principal independent registered public auditor for fiscal years 2024, 2025 and 2026.

Lastly, Mr. Vito Plantone was appointed as alternate member of the Board of Statutory Auditor, replacing Mr. Vito Passalacqua, who resigned for personal reasons.

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About Natuzzi S.p.A.

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is one of the most renowned brands in the production and distribution of design and luxury furniture. With a global retail network of 676 monobrand stores in addition to more than 600 galleries as of March 31, 2024, Natuzzi distributes its collections worldwide. Natuzzi products embed the finest spirit of Italian design and the unique craftmanship details of the “Made in Italy”, where a predominant part of its production takes place. Natuzzi has been listed on the New York Stock Exchange since May 13, 1993. Always committed to social responsibility and environmental sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality and Environment), ISO 45001 certified (Safety on the Workplace) and FSC^® Chain of Custody, CoC (FSC-C131540).

View source version on businesswire.com: https://www.businesswire.com/news/home/20240607600790/en/

Natuzzi Investor Relations

Piero Direnzo | tel. +39 080-8820-812 | pdirenzo@natuzzi.com

Natuzzi Corporate Communication

Giancarlo Renna (Communication Manager) | tel. +39. 342.3412261 | grenna@natuzzi.com

Barbara Colapinto | tel. +39 331 6654275 | bcolapinto@natuzzi.com

Source: Natuzzi S.P.A.

FAQ

What did Natuzzi (NYSE: NTZ) approve at the shareholders' meeting on May 30, 2024?

The shareholders approved the company's financial statements for the fiscal year ending December 31, 2023, and acknowledged the approval of the 2023 consolidated financial statements.

Who were confirmed in key leadership positions at Natuzzi's 2024 shareholders' meeting?

Antonio Achille was confirmed as CEO, and Pasquale Natuzzi was confirmed as Executive Chairman of the Board of Directors.

What changes were made to Natuzzi's auditors in 2024?

KPMG's appointment as the principal independent registered public auditor was ended early, and PWC was appointed as the new auditor for fiscal years 2024-2026.

What new committee appointments were made at Natuzzi in 2024?

The Board appointed a Control and Risk Committee and a Related Party Transactions Committee.

Who was appointed as an alternate member of the Board of Statutory Auditors for Natuzzi in 2024?

Vito Plantone was appointed as an alternate member, replacing Vito Passalacqua.