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Subsequent events

Appointment of Chief Executive Officer and General Manager

At its meeting on January 8, 2019, the Board of Directors of SEA SpA created the position of Chief Executive Officer and appointed Armando Brunini to the role; the latter concurrently resigned from the position of Vice Chairperson. Along with the appointment of the Chief Executive Officer, the Board also introduced a new organizational and governance structure more consistent with industry practices and compliant with the new, increasingly competitive marketplace. In fact, the Chief Executive Officer has been assigned the powers of legal and institutional representation, guidance and strategic control of the Company, together with the resulting preparation of the annual and long-term planning documents, as well as the powers to submit draft motions to the Board of Directors, to ensure the coordination and supervision of equity investments and to make urgent decisions within the Board of Directors’ purview with separate authority up to predefined amounts or with joint authority together with the Chairperson in excess of the said limits.

On January 16, 2019, the Board of Directors of SEA SpA also named Armando Brunini as General Manager. In keeping with these appointments, SEA’s Board of Directors concurrently approved the Company’s new organizational model, which introduces the position of General Manager, while eliminating the positions of Chief Operating Officer and Chief Corporate Officer and reallocating the organizational units reporting to them accordingly. The Chief Financial and Risk Officer reports directly to the General Manager, together with the main organizational units previously reporting to the Chief Corporate Officer.