Parmalat SpA (PLT), the Italian dairy company controlled by Groupe Lactalis, appointed Yvon Guerin as chief executive officer to replace Enrico Bondi.
Guerin, the 46-year-old general manager of Lactalis’s creamery and nutrition division, was approved unanimously by the board as the new CEO with immediate effect, Collecchio, Italy- based Parmalat said in a statement today.
Lactalis, the maker of President cheese, said last week that it had increased its stake in Parmalat to 83.3 percent after gaining management control on June 28. Olivier Savary, one of nine Lactalis board representatives, resigned on July 8, leaving room for the French company to install Guerin.
Bondi had been on a list of board candidates submitted on March 18 by lender Intesa Sanpaolo SpA, which, with Silvio Berlusconi’s government, had sought to block Lactalis from gaining control of Parmalat. Intesa withdrew its list on May 31 after Berlusconi said in April that he didn’t consider the French company’s bid to be hostile.
As CEO, Bondi built up 1.4 billion euros ($1.96 billion) in cash by winning settlements from the company’s former creditors following Parmalat’s bankruptcy, Italy’s biggest, in 2003. He later came under fire as activist shareholders, including Toronto-based Mackenzie Financial Corp., called for Parmalat to boost shareholder returns.
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