Recovering Italian dairy company Parmalat SPA has hired Pier Luigi De Angelis to replace Guido Angiolini as its chief financial officer.

De Angelis was formerly CFO at energy company Edison SPA, and later worked for coffee company Lavazza.

His predecessor, Angiolini, was part of a team brought in by administrator Enrico Bondi to turn around Parmalat. He helped oversee the company's successful return to the stock market last year.

Meanwhile, a US judge last week gave Bank of America the go-ahead to pursue a $1bn fraud claim against Parmalat.

The bank has accused the firm's former management of fraud, conspiracy and lying about its finances.

Paramalat's also has a $10bn suit against the bank for its alleged role in the firm's collapse.