Piaggio CEO and Chairman Roberto Colaninno died

The CEO and Chairman of the vehicle manufacturer Piaggio, Roberto Colaninno, passed away on Friday at the age of 80. In a news release on Saturday morning, Immsi SpA, his investment firm, announced his death without providing any further details.

Colaninno’s professional journey began as the CEO of the Italian automotive components producer Fiaam. He later went on to establish his own components manufacturing company, Sogefi, in the early 1980s.

He gained global recognition in 1999 when his IT company, Olivetti, executed a takeover of Telecom Italia, Italy’s former telecommunications monopoly, despite its much larger size. This leveraged buyout was valued at $58 billion, marking it as the largest hostile company takeover at the time. This event held substantial significance within the realms of Italian and Western European capitalism, particularly considering that the euro had recently been introduced as a currency.

In 2001, Colaninno was compelled to depart from Telecom Italia, leading to the sale of the company by his investors. However, he subsequently acquired Immsi SpA, an investment firm, and Piaggio, renowned for producing Vespa scooters. Under his stewardship, the company expanded its operations into nations like Vietnam and India.

Colaninno’s contributions were acknowledged in 2013 when he was awarded the Leonardo Award by the Italian government. This accolade is bestowed upon individuals who have notably enhanced Italy’s international image and reputation.

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