(Alliance News) - Sanlorenzo Spa on Monday announced that Ferruccio Rossi has been appointed CEO of the group's European foreign trading companies.

Rossi will lead, through the new Sanlorenzo Monaco Group area with offices in Monaco, Cannes, and Palma, Sanlorenzo's commercial development in the Principality, France, and Spain through Sanlorenzo Monaco SAM, Sanlorenzo Côte d'Azur SAS, and Sanlorenzo Baleares SL.

In addition, the agreement provides for Rossi's entry into the share capital of these companies with a minority stake.

At the same time, Rossi submitted his resignation from Sanlorenzo's board of directors.

Sanlorenzo trades in the green by 2.1 percent at EUR44.30 per share.

By Claudia Cavaliere, Alliance News reporter

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