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Piaggio Group Americas CEO Steps Down

Paolo Timoni departs after six years

Paolo Timoni has stepped down as president and chief executive officer of Piaggio Group Americas.

Timoni is leaving after six years in charge of Piaggio’s American operations. The announcement comes a day after the Piaggio Group released a draft of its 2010 financial statements. North American sales results were not announced but Piaggio’s worldwide net sales totaled 1.485 billion euros (US$2.06 billion), a slight drop from 1.487 billion euros (US$2.07 billion) reported in 2009.

Paolo Timoni

Miguel Martinez, former general manager of Piaggio Spain, will assume Timoni’s duties running the Piaggio brand including its subsidiaries Aprilia, Moto Guzzi and Vespa.

“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,” says 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.”

During Martinez’s time with Piaggio Spain, the Italian manufacturer increased its market share by two points. Before joining Piaggio Spain, Martinez was the general manager of Ferrari and Maserati for Spain and Portugal. Martinez also served as general manager of export markets for Piaggio Latin America and Derbi, another Piaggio brand.

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