Press release - A2A: Termination of the employment relationship with Luca Valerio Camerano
Milan, 14 May 2020 – A2A S.p.A. (the “Company”) announces that the Company and Luca Valerio Camerano reached an agreement for the mutual termination of the employment relationship effective May 31st, 2020, by virtue of which Luca Valerio Camerano has stepped down, effective today, from the role as General Manager of the Company and relevant powers.
The agreement provides, in line with what provided by the remuneration policy approved by the shareholders’ meeting of May 13th, 2020, in addition to the amounts already accrued by the manager as variable remuneration for 2019:
a) the payment to Luca Valerio Camerano of an “incentive-to-leave” calculated in accordance with the national collective bargaining agreement applied by the Company and, therefore, equal to:
(i) an amount of EUR 468,617.55, equal to the cost of the indemnity in lieu of notice (equal to 6 months); and
(ii) an amount of EUR 458,034.45, equal to further ca. 8 months of the global remuneration (of which EUR 10,000 against the manager’s full waivers regarding the employment relationship and the relationship as director of the Company); amounting to a total of EUR 926,652;
b) the execution of a non-compete and non-solicitation agreement until October 31st, 2020, referred to entities operating in the sector of the production, distribution and sales of electric energy, sales and distribution of gas, the production, distribution and sales of heat through district heating networks, the collection, management and disposal of waste, the management of the integrated water cycle, the development, management and/or supply of smart-cities services, against the payment of EUR 273,348 (to be paid 50% immediately and 50% at the end of the validity period of the non-compete agreement), with manager’s reporting obligations and with liquidated damages in case of breach.
The agreement has been unanimously approved by the Board of Directors of the Company, upon a motivated favourable opinion of the Control and Risks Committee (within its competences as Related Parties Commitee), as well as upon the favourable opinion of the Appointments and Compensation Committee and of the Board of Statutory Auditors.
The Board of Directors of the Company thanks Luca Valerio Camerano for his commitment, dedication and contribution in terms of creating value during his tenure leading the Company and wishes him all the best for his future professional engagements.
A2A - Media Relations
Tel. +39-02 7720.4583
Tel. +39-02 7720.3974