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Parmalat to dissolve board amid director discord

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Parmalat, the Italy-based dairy group, needs to elect a new board after three of the directors nominated by majority shareholder Lactalis quit their positions. Antonio Sala handed in his resignation at a board meeting on 10 March. Parmalat said Sala had decided to step down ”due to the continuous recurrence of contrasts” on the board.

The resigning Director stated that, even though Parmalat once again reported increased results and demonstrated a propensity to tackle challenging industrial demands, he felt the need to hand in his resignation due to the continuous recurrence of contrasts within the Board of Directors. In his opinion, these contrasts do not facilitate the Board’s activities in the strategic and management areas in which the Group is most committed, given the complex situations in the countries and markets in which it operates.

Two other directors nominated to the board by Lactalis – which owns over 80% of Parmalat – agreed with Sala, the Parmalat statement read. Yvon Guérin and Patrice Gassenbach also resigned.

Parmalat S.p.A. is controlled by the Lactalis Group since July 15, 2011.

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