LONDON (Alliance News) - Clear Leisure PLC said Friday that Chairman Francesco Gardin has been appointed chief executive officer, replacing Alfredo Villa who has resigned with immediate effect.
Gardin will also remain as chairman. Villa will continue to advise the company in respect of its Italian assets, it said. Non-Executive Director Franceso Emilani has also resigned, and it has appointed Reginald Eccles as a non-executive director with immediate effect.
The leisure and real estate company said that the new board will assess the realisation value of the company's assets as a priority, and will report back to shareholders as soon as practical.
The company had warned with its full year results in June that the Italian market remains unfavourable for the realisation of its major assets. It is planning to sell its two major assets, theme park Mediapolis and water park Sipiem/Ondaland, once their value is fully realised.
On Friday, Clear Leisure said that the directors fees of the new board will not be payable until the company has raised cash. Gardin will receive an annual salary of GBP60,000, half in shares, and a bonus equal to 10% of the realised value of any assets sold after his appointment. Villa will receive 20% of his unpaid salary when the company has raised sufficient funds, with the balance to be paid in shares.
The company said that Villa had found the time requirements of a main board position were starting to conflict with the increasing amount of charity work he is taking on.
Shares in Clear Leisure were down 3.5% at 0.700 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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