Natuzzi proposes to buy back 2 million shares
By Furniture Today Staff -- Furniture Today, February 9, 2009
ANTERAMO IN COLLE, Italy — Leather upholstery major Natuzzi said its board of directors has approved a share repurchase program as part of a new stock option plan for its senior management.
The buyback program, which must be approved by shareholders, would involve 2 million shares of Natuzzi common stock.
Senior management would be eligible to receive the shares based on achieving targets established in the company's recently announced three-year business plan.
“With the stock option plan in place, the Natuzzi management team will be further incentivized to achieve the business plan targets and create value for all our stakeholders,” said Aldo Uva, CEO.
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Natuzzi proposes to buy back 2 million shares
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