LAKELAND, FL – Florida Tile Inc and Panariagroup Industrie Ceramiche S.p.A. announced today the following management changes subsequent to the earlier acquisition of Florida Tile by Panariagroup:
Buck Burwell, CEO, since 2004 will depart February 28, 2007. On March 31, John Corcoran will transition out as Chief Financial Officer. On May 31, Bill Powers will transition out as Senior Vice President for Sales/Marketing and Distribution.
Burwell said, “This change is normal, positive and an expected business transition subsequent to our recent transaction with Panariagroup. These changes will allow for a more efficient and streamlined management structure at Florida Tile. In fact, when we closed the deal in February, we agreed to remain for at least one year to assist in the ownership transition. That year ends in February and it is now time for us to step aside and allow the fine folks at Panariagroup to continue to build and strengthen this company. We believe that the company is now well positioned for growth and I am very pleased to have been part of this company and this industry.”
Going forward, Bernie Schwartz, Vice President, will continue to be responsible for Manufacturing. Massimo Barbari will be Vice President responsible for Sales, Marketing, and Distribution. Luca Setti will be Vice President/CFO responsible for Finance, Accounting and Business Operations. They will report to Giuliano Pini who is CEO of Panariagroup and to Emilio Mussini, President of Florida Tile Inc.
Mr. Fabio Marasi and Luca Bazzani will continue to advise and be on staff to support company operations.
Mr. Giuliano Mussini Chairman of Panariagroup said “ We are very pleased with our acquisition of Florida Tile and we are grateful for the leadership of Buck and his team during this transition period. They have provided a solid platform and a good strategy for future growth in the US market.
We are now in a strong position to move forward with that strategy. Our new state of the art porcelain plant in Kentucky is on schedule to provide great new products in July
of this year. We now have the best possible combination of Italian design and technology coupled with a strong US sales and distribution organization and a very loyal existing US customer base.”