(Tiper Stock Exchange) – Prysmiana company listed on Euronext Milan and active in the cable systems sector for energy and telecommunications, announced that starting yesterday the CEO Valerio Battista and other executives with strategic responsibilities and beneficiaries of the incentive plan have started the sale of part of the shares assigned to them under the Grow Plan. The sales will take place according to the sell to cover mechanism – and, therefore, through market operations – for the exclusive purpose of meet tax burdens resulting from this assignment. As regards the CEO, the sale will concern part of the 325,743 shares assigned to him.
The leadership team of the group – made up of the CEO Valerio Battista, the Chief Operating Officer Massimo Battaini, the Chief Financial Officer Pier Francesco Facchini and other senior managers – communicated to the company its adhesion to the proposal of the CEO of invest in the company’s shares a minimum amount equal to 30% of its net incentivecalculated on the part that will be paid to them in monetary form based on the achievement of the performance objectives set, for the year 2022, by the MBO plan.
At the end of the sell to cover period envisaged by the Grow Plan, the leadership team will own more than 2% of the capital by Prysmian, reads a note. These shares will be purchased on the market, subject to the granting of a specific mandate to a financial intermediary.
“The decision of the group’s leadership team – explains Battista – is consistent with the attention that we have always paid to convergence of interests of shareholders, management and employees. At this moment, the initiative also demonstrates the support of Prysmian’s management for the announcement made by the BoD regarding the designation of Massimo Battaini as the next candidate for the role of CEO, on the occasion of the renewal of the BoD expected in 2024″.