BusinessBusiness RecoveryParmalat hires new CFO

Parmalat hires new CFO

Italian dairy company appoints Pier Luigi De Angelis as chief financial officer, as court cases continue

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.

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