Milan

President of RCS shareholders' board resigns

'Focus, consistent effort needed for position' says Pesenti

President of RCS shareholders' board resigns

Milan, May 17 - Giampiero Pesenti announced Friday that he will be resigning as president of the controlling shareholder pact of the financially troubled publisher RCS Mediagroup. Pesenti suggested he was not longer up for the "assignment that requires, especially in this phase, continued focus and consistent effort". He said he will remain on the board of RCS. Pesenti had recently pulled back from other responsibilities, including his directorships on such boards as Mittel Private Equity SpA. RCS controls Italy's largest newspaper of record, Il Corriere della Sera, among other assets. RCS presented in April a three-year turnaround plan, which includes a 400-million-euro capital increase and the goal of selling off 250 million euros' worth of non-core assets by the end of 2014.

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