Market: Packaging Paper & Board
Posted June 30, 2016
The Board of Directors of Reno De Medici S.p.A. (“RDM”)met under the chairmanship of Mr. Robert Hall. The BoD accepted the resignation submitted by CEO, Mr. Ignazio Capuano, and co-opted Mr. Allan Hogg as new non-executive member of the BoD, on the proposal of the Nominating Committee. The new Board member will hold office until the next Shareholders’ Meeting of the Company.
Following the exit of Mr. Capuano, the Chairman, Mr. Robert Hall, has been temporarily invested with executive powers. The BoD has therefore replaced Mr. Robert Hall in the Internal Control Committee, Related Parties Committee, Remuneration Committee, Nominating Committee, by appointing Mr. Allan Hogg as new member of the aforementioned bodies.
Mr. Allan Hogg has been in the employ of Cascades for more than 20 years, holding various positions over time, recently rising to the role of CFO. Mr. Hogg was also a Board Director of Boralex Inc., a renewable energy sector company in which Cascades holds a 34.85% share.
Mr. Ignazio Capuano leaves his role as CEO of Reno De Medici at the end of a successful and deep financial and industrial restructuring cycle that covered a period of more than ten years.
The Reno De Medici Group is the leading Italian and second-ranked European producer of cartonboard based on recycled material.