Fedrigoni - comment

No news release from Fedrigoni this morning as news circulates that CEO Marco Nespolo is leaving to join KKR-backed FiberCop, again as CEO. While we assume that the Fedrigoni pay package will have been impaired and the strategy has had to adapt to the environment, rather than Nespolo's original intentions, and while we don't dispute that his departure represents a significant leadership loss for the company, we are quite comfortable with the control exercised by the remaining board, not least David Bustreo, CFO.