A co-option has been set up by the Italian Exhibition Group effective from January 1, 2020. What is meant by a co-option?
Italian Exhibition Group (IEG) announced that today the Board of Directors co-opted Corrado Peraboni as a member of the Board of Directors with the role of CEO and Director in charge of the internal control and risk management system.
Peraboni has a degree in law and wide experience in the exhibition industry. From 2015 to January 2017 he served CEO of Fiera Milano S.p.A. From 2000 to 2015 he was General Manager of Fondazione Fiera Milano and was President of UFI (Global Association of the Exhibition Industry). Other professional roles held by Peraboni include vice president of the Italian-Chinese Chamber of Commerce and member of the board of directors of Arexpo S.p.A. (the company responsible for the acquisition and redevelopment of the Expo 2015 areas and site).
At the time of co-opting, the Board of Directors verified that Corrado Peraboni met the legal and independence requirements set forth in Article 148, Section 3, of Legislative Decree No. 58/1998. The remuneration paid in relation to the powers granted is consistent with the remuneration policy adopted and in line with the practices of the Company. As far as the Company is aware, Corrado Peraboni does not hold any equity investments in Italian Exhibition Group S.p.A.
In the same session, the Board of Directors approved the 2019 forecast and the 2020 budget. Chairman Lorenzo Cagnoni expressed his satisfaction with the Company’s results and economic performance: “We will close 2019 with results above analysts’ forecasts and we have solid expectations for 2020”. The consensus expressed by the analysts who follow the Company’s stock predicts for 2019 revenues of 174 million euros and EBITDA (without the effect of IFRS 16’s application) of 35.9 million euros, with an ebitda margin of 20.6%.
