(Alliance News) - GM Leather Spa announced Tuesday that it has appointed Christian Guerra as the group's new chief financial officer, effective immediately.

Guerra--who does not hold shares in the company--will replace Marco Malagutti, who has served as interim CFO and will remain as co-CEO of the company.

As the company explains, Guerra's appointment is positioned within the strategic path of strengthening the organizational structure and managerial roles in order to expand competencies consistent with the company's development strategy.

Simone Voltolin, managing director of GM Leather, said, "We welcome Christian Guerra, certain that his contribution will be important in creating new business development opportunities and making our group a reference model for the entire industry. We are an ever-expanding reality, also by external lines, and with a constant look towards the future, thanks to the skills and dedication of our people."

GM Leather's stock closed Tuesday down 1.5 percent at EUR1.34 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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