Natuzzi CEO Resigns

July 12, 2007  by in UnCategorized   

By Home Furnishings Business in Leather Upholstery on July 2007 Natuzzi, Italy’s largest furniture maker, announced Friday that Ernesto Greco has resigned as CEO just over a year after he joined the company in June 2006. Greco, who cited personal and professional reasons for his departure, will continue to serve on the board of directors as outside director, according to a company announcement Friday.

Greco, who was previously CFO of luxury goods maker Bulgari, will remain in place through September 30 to ensure operational continuity. Chairman Pasquale Natuzzi will be proposed as CEO at the next meeting of the company’s board, which is scheduled for the beginning of September.

Natuzzi said, “I am sorry for Ernesto’s decision. (He is a) very responsible professional with proven ability and experience who, notwithstanding his short (stay), started new projects that will surely bring good results. At the same time, I am pleased he will continue to give his valuable contribution to the group as a member of the board.”

Hurt by a tough business environment, particularly in the United States, Natuzzi reported a 18.3 percent decline in its first-quarter sales in May. Sales in the Americas dropped 27.2 percent during the period.