Parmalat to dissolve board amid director discord - Just Food
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Parmalat to dissolve board amid director discord

11 Mar 2016

Parmalat, the Italy-based dairy group, needs to elect a new board after three of the directors nominated by majority shareholder Lactalis quit their positions.

Parmalat to dissolve board amid director discord

Parmalat, the Italy-based dairy group, needs to elect a new board after three of the directors nominated by majority shareholder Lactalis quit their positions.

Antonio Sala handed in his resignation at a board meeting yesterday (10 March). Parmalat said Sala had decided to step down “due to the continuous recurrence of contrasts” on the board.

Sala said Parmalat’s 2015 results meant the company was demonstrating “a propensity to tackle challenging industrial demands”, the company said in a statement. However, Sala believes the disagreements “do not facilitate the board’s activities in the strategic and management areas in which the group is most committed, given the complex situations in the countries and markets in which it operates”, Parmalat said.

Two other directors nominated to the board by Lactalis – which owns over 80% of Parmalat – agreed with Sala, the Parmalat statement read. Yvon Guérin and Patrice Gassenbach also resigned.

All three men will step down when Parmalat’s 2015 financial statements are approved at a shareholder meeting next month when their resignations mean the company will have to elect a new board.