Carlo Borsari, Group CEO, tenders his resignation to pursue a new professional opportunity

The Board of Directors is to meet next week to nominate a new CEO

Mario Carraro, Chairman of the Carraro Group, the global market leader in drive systems, announced today that he had received the resignation of Carlo Borsari, CEO of the Group since December 2005, requesting he be relieved of his duties by the Board of Directors so that he may pursue a new professional opportunity.

Carlo Borsari’s resignation as CEO will be effective from July 31.

The Board of Directors is to meet early next week to nominate a new CEO. Until that time, Enrico Carraro will assume, pro tempore, the operational direction of the Group.

Go to Press release 29.07.09

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