Sogefi falls after CEO resignation, Equita rating cut

Sogefi SpA

24/07/2024 11:20

** Shares in Italian car component manufacturer Sogefi
 SGFI.MI  fall 3.6% after CEO Frédéric Sipahi's unexpected
resignation on Tuesday, followed by a rating cut by brokerage
Equita a day later
    ** Sogefi says its CEO and General Manager Frédéric Sipahi
was stepping down at the end of July to follow "a new and
different" professional path
    ** Equita downgrades the stock to "hold", citing a
mid-single-digit percent cut in its estimates due to lower
volumes amid a negative industry sentiment, and Sipahi's
unexpected departure
    ** Italian broker Banca Akros also says the resignation of
the CEO who is considered "capable and well liked by the
financial community" weighs on the shares
    ** The shares closed 8.8% lower on Tuesday after the
afternoon announcement of Sipahi's resignation

 (Reporting by Luca Fratangelo)