AC Milan Appoint Minority Shareholder To The Board As Scaroni Confirmed As Chairman

MilanNews.it are reporting that the composition of AC Milan's board of trustees has changed in the past week as Frank Tuil has left as confirmed last Wednesday. The vacant seat has been filled by Massimo Ferrari who is the General Manager for Corporate and Finace at Webuild. He is also Board Member of Tim S.p.A., Equita Group S.p.A. and Cairo Communication. Ferrari is said to be a Milan fan and is a part of the association of small shareholders (APA Milan).

Milan's board also approved the financial statements for the year reporting a loss of 195 million euros as per Football Italia and Paolo Scaroni was confirmed as the chairman of the board for the next three years through a unanimous vote.

The current members of the board are now:

Paolo Scaroni, Ivan Gazidis, Stefano Cocirio, Giorgio Furlani, Marco Patuano, Salvatore Cerchione, Gianluca D’Avanzo, Alfredo Craca and Massimo Ferrari.

Auro Palomba - the chair of the APA Milan - commented to Planeta Milan:

“APA Milan has decided to vote in favour of the budget and to support the choices made by the shareholder Elliott and the management led by Paolo Scaroni and Ivan Gazidis,” he said.

“It seems to us that AC Milan have started the right path, both on and off the pitch, to go back to where they belong, in the empyrean of European football. We particularly appreciate the fact that, with the entry of Massimo Ferrari, there are now two APA Milan shareholders on the company’s board of directors, in addition to the Chairman of the Board of Statutory Auditors, confirming the authoritativeness of the small shareholders.”