PRYSMIAN’S LEADERSHIP TEAM INVESTS IN THE COMPANY AS A SIGN OF ITS COMMITMENT AND CONFIDENCE IN THE RECOVERY FROM THE PANDEMIC-RELATED CRISIS AND IN THE COMPANY’S LONG-TERM GROWTH PROSPECTS
CEO Battista: “This decision is consistent with the attention we have always paid to our shareholders, employees and customers. We aim to create sustainable, long-term value”
Milan, 03 April 2020. The Prysmian Group’s leadership team, composed of Valerio Battista and the 20 managers directly reporting to him at world level, has informed the Company that it has accepted the Chief Executive Officer’s proposal to invest 50% of its net incentive — granted for the positive performance achieved at the level of 2019 results, in line with the objectives set by the Company — in shares of Prysmian S.p.A. The incentive will fall due in late May 2020, following the approval of the Financial Statements by the Shareholders’ Meeting of 28 April.
The scheme that the leadership team will use to execute the investment will involve giving instructions to purchase shares of the Company on the market to a specifically authorised financial intermediary. These instructions will also include an order to hold the shares purchased in portfolio until the end of 2022. The Company will promptly confirm the completion of both the investment scheme and then the investment itself for the market.
Chief Executive Officer Valerio Battista commented: “By reinforcing our investment in the Company, we intend to send the financial markets, our employees and all our stakeholders a signal of our confidence in the prospects for a recovery from the effects of the Covid-19 pandemic and the Company’s future growth.”
“This decision by the group’s top management,” continued CEO Valerio Battista, “is consistent with the attention we have always drawn to aligning the interests of the Company’s shareholders, management and employees. Through this initiative, we are committed to further reinforcing our efforts to pursue sustainable, shared and constant value creation in the medium and long term.”
Prysmian Group is a public company with a broad shareholder base that includes also its employees. Its approximately 9,000 employee-shareholders hold over 3% of the share capital as a result of a stock ownership plan and the share-based incentive plans that the Company has implemented for some time.
Prysmian Group has moved swiftly to take important measures in response to the Covid-19 pandemic. The priorities identified include, above all, personal safety in working environments and reducing social impacts, the continuity of the supply chain and protecting the business, thanks in part to the strong geographical differentiation of the Group, while also mitigating financial impacts, including through a plan to contain fixed costs.
Prysmian Group is world leader in the energy and telecom cable systems industry. With almost 140 years of experience, sales exceeding €11 billion, about 29,000 employees in over 50 countries and 112 plants, the Group is strongly positioned in high-tech markets and offers the widest possible range of products, services, technologies and know-how. It operates in the businesses of underground and submarine cables and systems for power transmission and distribution, of special cables for applications in many different industries and of medium and low voltage cables for the construction and infrastructure sectors. For the telecommunications industry, the Group manufactures cables and accessories for voice, video and data transmission, offering a comprehensive range of optical fibres, optical and copper cables and connectivity systems. Prysmian is a public company, listed on the Italian Stock Exchange in the FTSE MIB index.