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PIAGGIO GROUP AMERICAS ANNOUNCES CHANGE IN EXECUTIVE LEADERSHIP

NEW YORK, March 8, 2011 – Piaggio Group Americas (PGA) announces a change in executive leadership with the departure of Paolo Timoni as president and CEO. After six years in this role, Timoni has stepped down to pursue other professional interests. The corporate responsibility of PGA has been appointed to Miguel Martinez, former general manager of Piaggio Spain, effective immediately.

Martinez will report to Stefano Sterpone, Executive VP EMEA & Americas 2-Wheeler Sales & Marketing. Prior to joining Piaggio Group Americas, Martinez was the general manager of Piaggio Spain, where he spent three years. In that short period Mr. Martinez increased Piaggio Group’s market share in Spain by two points. Before joining Piaggio Spain, Martinez spent three years as the general manager of Ferrari and Maserati S.p.A. for Spain and Portugal.  Prior to his position at Ferrari and Maserati he held similar positions as general manager of export markets for Derbi worldwide and Piaggio Latin America.

“The opportunity to lead Piaggio Group Americas in its next phase is extremely exciting for me and a challenge I welcome as the opportunity for growth in this market is great,” said Miguel Martinez. “The Piaggio Group portfolio of Italian products represents the highest quality, most innovative and stylish motorcycle and motor scooters available on the market today.  I look forward to working with our experienced dealer body and continuing to grow sales and market share in North America.”

About The Piaggio Group:

Established in 1884 by Rinaldo Piaggio and based in Pontedera in Pisa, Italy, the Piaggio Group is one of the world’s top manufacturers of two-wheel motor vehicles. With more than 7,000 employees, an annual production of 630,000 vehicles in 2010, five R&D centers, seven production facilities in Europe and Asia and world-wide commercial operations, the Piaggio Group has a consolidated leadership in the European two-wheeler market.  The company produces scooters, motorcycles and mopeds in the 50cc to 1,200cc displacement range, marketed under the Piaggio, Vespa, Gilera, Derbi, Aprilia, Scarabeo and Moto Guzzi brands.  The Group also manufactures three- and four-wheel light transportation vehicles for the Ape, Porter and Quargo ranges.

 

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