The board of Piaggio Aerospace announced today that CEO Carlo Logli is stepping down to be replaced on an interim basis by COO Renato Vaghi until a permanent replacement is appointed. The move comes a week after the Italian airframer issued a pledge to reassure operators that it will continue to produce and support its Avanti Evo twin-turboprop pusher.
“On behalf of the board and employees, I would like to extend my warmest thanks to Carlo Logli for his service to Piaggio Aerospace,” said company chairman Ali Al Yafei. “He has shown great leadership in managing the business through a period which saw the delivery of a state-of-the art manufacturing facility at Villanova d’Albenga against the challenging backdrop of tough economic conditions. It is time for a new CEO to deliver on the new industrial plan recently announced to yield a sustainable future for Piaggio Aerospace.”
Piaggio is wholly owned by Abu Dhabi’s Mubadala Development Company. Logli joined the company in 2013 as its chief restructuring officer to implement what it described as a “rescue and relaunch plan. He will continue to act as a senior advisor to the board.” A new “industrial plan” that makes military products the company’s main focus was announced on July 28 and is now awaiting final approval by shareholders and the Italian government.