Digital Value head quits after being put under investigation, shares crash
Business
Digital Value head quits after being put under investigation, shares crash
(Reuters) - Digital Value said on Wednesday its board appointed Paolo Vantellini as chairman and Riccardo Benedini as its new chief executive officer following the resignation of Massimo Rossi after he was put under investigation on Tuesday.
Rossi, who was chairman and CEO, is being investigated along with other 17 people over alleged corruption in public procurement contracts, according to legal documents reviewed by Reuters.
The IT service provider said in a statement it had replaced Rossi in all of its subsidiaries and reaffirmed it was confident that the investigation would clarify all aspects of the case.
Shares in Digital Value closed down 78% at 11.74 euros, having plunged after they began trading at only around 1500 GMT.
