Natuzzi S.p.A. Announces Departure of Its Chief Financial Officer

Rhea-AI Summary

Natuzzi S.p.A (NYSE: NTZ) announced the resignation of Chief Financial Officer Vittorio Notarpietro, effective January 10, 2022. In his place, Giuseppe Cacciapaglia has been appointed as Chief Accounting Officer. Cacciapaglia, who has been with Natuzzi since 1996, previously held roles including Chief Financial Officer of Natuzzi China. The announcement aligns with previous disclosures made on December 23, 2021.

Positive

• Giuseppe Cacciapaglia brings over 25 years of experience to his new role, enhancing financial leadership.
• Cacciapaglia's prior experience includes significant positions in the company, indicating a strong internal succession plan.

Negative

• The resignation of the CFO may raise concerns about financial stability and direction during the transition period.

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)-- Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company” and, together with its subsidiaries, the “Group”) announced today that, consistently with what announced in the press release of December 23, 2021, the Company and its Chief Financial Officer, Mr. Vittorio Notarpietro, have agreed that the Mr. Notarpietro’s resignation became effective on January 10, 2022.

Pending the search for a new Chief Financial Officer, the Company has appointed Mr. Giuseppe Cacciapaglia, the Company’s Global Financial Statement and Tax Director, as Chief Accounting Officer, effective immediately. Mr. Cacciapaglia joined the Group in 1996 and has covered several relevant roles in the last 25 years. Before being appointed as the Global Financial Statement and Tax Director of the Company in 2017, he was Chief Financial Officer of Natuzzi China and Chief Internal Audit Officer of the Company.

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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 616 mono-brand stores and 567 galleries as of September 30, 2021, 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® certified (Forest Stewardship Council).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220113005771/en/

For information:

Natuzzi Investor Relations

Piero Direnzo | tel. +39.080.8820.812 | pdirenzo@natuzzi.com

Natuzzi Corporate Communication

Vito Basile (Press Office) | tel. +39.080.8820.676 | vbasile@natuzzi.com

Source: Natuzzi S.p.A.

FAQ

What recent leadership change occurred at Natuzzi S.p.A. (NTZ)?

Vittorio Notarpietro resigned as CFO effective January 10, 2022, and Giuseppe Cacciapaglia has been appointed as Chief Accounting Officer.

When did Vittorio Notarpietro resign from Natuzzi S.p.A.?

Vittorio Notarpietro's resignation became effective on January 10, 2022.

Who has been appointed as the new Chief Accounting Officer for Natuzzi S.p.A.?

Giuseppe Cacciapaglia has been appointed as Chief Accounting Officer, effective immediately.

What was Giuseppe Cacciapaglia's previous position before becoming Chief Accounting Officer at Natuzzi?

He was the Global Financial Statement and Tax Director prior to his new appointment.