During its 15 July 2019 meeting, the Board of Directors of Txt e-solutions coopted Daniele Misani as Executive Director and Alessandro Arrigoni as Independent Director.
Daniele Misani spent his entire career at TXT, contributing significantly to the growth of the Company's offer in the aeronautics sector and its international development, until he was appointed Director of the Aerospace Division.
Alessandro Arrigoni has a distinguished professional and university career in contract, commercial and financial law and is currently a lecturer in Advanced Commercial Law at the University of Milan Bicocca.
The two new Directors replace Marco Guida and Paolo Matarazzo, both outgoing executive directors to whom the Board unanimously expressed its gratitude and appreciation for the longterm work carried out for the Company.
On this occasion, the Board, on the proposal of the Group's Chief Executive Officer, Enrico Magni, appointed Eugenio Forcinito as the new Group CFO to replace Paolo Matarazzo. Eugenio Forcinito was trained and pursued his career at TXT, becoming with subsequent promotions the number two in the administrative and financial structure of the Company for several years. The handover with the outgoing CFO, as Manager in charge of the Group's consolidated financial statements, is expected to take place by next September.
Enrico Magni also illustrated to the Board the plan to strengthen TXT's structure, which includes the placement of new high potential graduates in the administrative management and Investor Relations activities, as well as the development of foreseeable synergies with the accounting departments of the acquired companies. Moreover, Luigi Piccinno, TXT's leading person with responsibility for Supervision, Treasury and Management Control, will assume extended responsibilities on corporate governance also in support of the Board of Directors and the Committees.
The Board received confirmation from the Group CEO, with the support of the outgoing and incoming CFOs, of the results for the second quarter of 2019 - which will be communicated after the half-yearly auditing activities and after the Board meeting of 1 August next - and of the expected results for the third quarter. Substantial increases in revenues and operating margins are expected in both quarters compared to 2018.
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