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Natuzzi S.p.A. Announces Resignation of Its Chief Financial Officer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Natuzzi S.p.A. (NYSE: NTZ) announced the resignation of Chief Financial Officer Vittorio Notarpietro, effective in the second half of January 2022, as he seeks opportunities outside the Global Furniture Industry. The company is actively searching for a replacement to ensure continuity in its ongoing retail and brand transformation. Notarpietro will remain in his role until the effective resignation date to facilitate a smooth transition. Natuzzi thanks him for over 20 years of service.
Positive
Initiating search for a new CFO may bring fresh perspectives to the company.
Commitment to support ongoing retail and brand transformation.
Negative
Potential disruption during the transition period could impact financial performance.
Loss of a long-term executive may create experience gaps in the finance department.
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 the resignation of its Chief Financial Officer, Mr. Vittorio Notarpietro, to pursue other opportunities outside the Global Furniture Industry. The effective date of Mr. Notarpietro’s resignation, which is still under determination, is expected to occur within the second half of January 2022.
The Company has already commenced an active search for a new Chief Financial Officer and is committed to find a profile that can continue to support the Group’s retail and brand transformation currently ongoing.
The Company and Mr. Notarpietro have agreed that Mr. Notarpietro will continue to act as the Company’s Chief Financial Officer until the effective date of his resignation in order to ensure an orderly transition. The Company will provide details of the interim organizational structure of its accounting and finance department to be effective immediately upon the effective date of Mr. Notarpietro’s resignation once such date has been determined and is disclosed.
The Company thanks Mr. Notarpietro for his invaluable service and contributions over 20 years of employment with the Company and wishes him all the best in his future endeavors.
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).
