October 10, 2018 / 3:14 PM / 2 months ago

Shares in Italian corporate data firm Cerved drop after CEO quits

Oct 10 (Reuters) - Cerved Group sought to reassure investors on Wednesday after CEO Marco Nespolo handed in his resignation in a surprise move that sent shares in the Italian corporate data group sliding.

The shares fell as much as 10 percent in early trading, before retracing some of their losses after Nespolo confirmed in a conference call with analysts the company’s financial guidance.

The CEO, who will step down at the end of October, said he would have rather left the company at a different time, given turmoil on Italian markets, but added it was not possible. He said he would take the CEO role at another company, in a different sector.

Gianandrea De Bernardis, a former Cerved CEO appointed to replace Nespolo from Nov. 1, said in the short term there would be no change of tack at the group: “business as usual”.

Shares in Cerved, which have risen more than 60 percent since the group was listed in mid-2014, were down 5.7 percent at 1441 GMT at 8.1 euros. (Reporting by Massimo Gaia, Writing by Anna Rzhevkina in Gdynia; Editing by Mark Potter)

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