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Piaggio Group Appoints Michele Colaninno as CEO

In wake of the passing of chair and CEO Robert Colaninno, Piaggio Group promotes chief executive of global strategy, product, marketing and innovation to CEO.

Meeting after the death of the company chair and CEO Roberto Colaninno, the board of directors of Piaggio & C. S.p.A. (PIA.MI) reformulated the corporate governance structure after receiving the recommendations of the board committees.

Director Matteo Colaninno has been appointed to the post of executive chair, with powers largely consistent with those he held previously.

Director Michele Colaninno, who was already chief executive of global strategy, product, marketing and innovation, has been appointed CEO.

With a resolution approved by the board of statutory auditors, the Board also coopted Carlo Zanetti as a new non-executive director, thus keeping the number of board members unchanged.

The nine members of the Piaggio & C. S.p.A. board of directors — the majority of whom (five) meet the statutory independence requirements — are therefore: Matteo Colaninno (executive chair), Michele Colaninno (CEO), Graziano Gianmichele Visentin (independent director), Rita Ciccone (independent director), Patrizia Albano (independent director), Federica Savasi, Micaela Vescia (independent director), Andrea Formica (independent director) and Carlo Zanetti.

In compliance with legal requirements, the new director will remain in post until the next meeting of the shareholders. The term of office of the current board of directors is due to end when the shareholders meet to approve the financial statements as at and for the year ending Dec. 31, 2023.

As of today, Carlo Zanetti does not own any Piaggio & C. S.p.A. shares.

The curriculum vitae of the new director has been posted on the company website at
https://www.piaggiogroup.com/en/governance/company-boards/board-directors.

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