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Prelios replaces outgoing chairman, 2 directors

Chairman of Prelios SpA's board of directors and Nonexecutive Director Giorgio Bruno resigned, along with two other directors, Valeria Leone and Davide Mereghetti, effective March 2.

According to a release, the resignations came the day before the last payment date of Lavaredo SpA's 11.6-euro-cent-per-share mandatory offer for 605,083,779 ordinary Prelios shares. The departure of the trio was deemed appropriate after Pirelli Group and Unicredit, the companies that the three directors are a part of, sold their entire shareholding in Prelios.

The Italian real estate developer and manager further noted that it appointed Nonexecutive Director Fabrizio Palenzona to replace Bruno as chairman and nominated Director General Riccardo Serrini as an executive director.

Additionally, Lavaredo's sole director Fabio Sangiovanni is joining Prelios as a nonexecutive director, while Federico Lovadina will serve as a nonexecutive and independent director. Independent Director Rosa Cipriotti will also replace Mereghetti as a member of the company's remuneration committee.