BusinessBusiness RecoveryBondi to stand for election as chairman of Parmalat

Bondi to stand for election as chairman of Parmalat

Dairy company administrator bows to pressure from investor group and stands for election as chairman

Parmalat’s administrator, Enrico Bondi, has announced that he will be
standing to be chairman of the dairy company in board elections in two weeks’
time.

Bondi was planning to step down after the company relisted this month, but
was persuaded to run for election by a group of investors headed by the Lehman
Brothers.

He has made it clear that his plans for the company are based around
strengthening it so that it can be a future acquirer.

‘My objective is to secure a clear and strong mandate to lead Parmalat into
the next phase of its development – establishing the group as the Italian-based
consolidator in the multinational food sector,’ he said in a statement to the
media.

Parmalat creditors, who exchanged most of the group’s debt for shares in the
re-listing, will vote on the new board at a meeting on 7 and 8 November.

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