A group of Parmalat SpA (PLT.MI) shareholders have proposed a list of candidates for the board, including the former head of Swedish Match AB (SWMA.SK) as interim chief executive as it seeks to put in place a new team to focus on expanding the Italian diary group's business after years of restructuring.

The three shareholders--investment funds Skagen AS, Mackenzie Financial Corp and Zenit Asset Management AB--published late Friday a list of nine candidates to replace Parmalat's board, whose mandate expires next month.

The shareholders have nominated Massimo Rossi, a former chief executive of Swedish Match, as vice chairman and interim chief executive, and Rainer Masera, a European Investment Bank board member, as chairman.

Rossi had previously been reported in the local press as succeeding Enrico Bondi as chief executive, but the shareholders said it would be a decision to be taken by the new board.

The deadline for shareholders to submit their respective lists of candidates for a new 11-member board is March 18. All of Parmalat's shareholders will vote on the lists at their annual meeting scheduled for mid-April.

Bondi has overseen a restructuring of Parmalat since it collapsed under billions of euros of debt eight years ago. He started as special commissioner before becoming chief executive, overseeing Parmalat's return to the stock market in 2005.

But these three shareholders have been frustrated at Bondi's lack of clarity in his vision for Parmalat after having turned it around.

"We still see significant disconnect," David Tiley, a vice president at Mackenzie told Dow Jones Newswires in a phone interview. "Parmalat is still...under-utilized. A lot has to take place to fully realize the enormous potential that is there."

Some of the challenges identified by Tiley for Parmalat include increasing its market share in its home country, working on more value-added products and increasing its global footprint--even in areas where it is already has a presence.

Any acquisitions would have to be addressed by the new board, he said.

In reference to news reports of an interest on the part of Brazil's Lacteos to enter a deal, Tiley said the three shareholders had not held any discussions with it.

"We will leave it to the next board to consider the next step," he said.

The shareholders have previously denied reports that they were in talks with France's Lactalis to sell their combined interest in Parmalat.

As regards the latest unconfirmed reports about Bondi meeting government officials to keep Parmalat Italian amid growing speculation about the intention of the three shareholders, Tiley said the dairy group was best left Italian.

"Parmalat is and should remain...a strong, independent, national champion," he said. "It is in the name of the company, and its headquarters is based in a center of excellence."

-By Gilles Castonguay, Dow Jones Newswires; +39 348 596 5667; gilles.castonguay@dowjones.com

--Sofia Celeste in Rome contributed to this article.
Rizzoli Corriere della S... (BIT:RCS)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more Rizzoli Corriere della S... Charts.
Rizzoli Corriere della S... (BIT:RCS)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more Rizzoli Corriere della S... Charts.