Governance

Paola Stefani – daughter of Emi Stefani, co-founder of the Sofidel Group– partner, is President of the Board of Directors of Sofidel S.p.A. – holding company of the industrial group of the same name, which wholly owns the shares of all its member companies – one of the world leaders in terms of production capacity in the tissue sector (paper for hygienic and household use). After completing her studies, she joined the company where, for ten years, between 1984-94, she worked in logistics, acquiring solid experience concerning the production and sale of toilet and household paper. For over twenty years, she has been a member of the Board of Directors at Sofidel S.p.A. as an advisor. Since March 2025, she has held the position of President of the Board of Directors at Sofidel S.p.A.

Luigi Lazzareschi is the Chief Executive Officer and also member of the Board of Directors of all Italian and overseas companies in the Sofidel Group, one of the world leaders in the production of toilet and household paper.
With a Master’s degree in business management from USC (University of South Carolina), he joined the company as marketing Director for the Group in 1988. It was in this capacity that he laid the foundations for the growth of the Regina brand, enabling Sofidel to reach the top position among Italian exporters in the sector in just a few years.
In 1993, with the death of his father Giuseppe (co-founder of the Group with Emi Stefani), he took over the responsibilities. It is Luigi who guided the next stage of expansion and internationalisation in the company which, through significant investments, both in Italy and abroad, has allowed the company to better support the development of international large-scale distribution chains.
The early 2000s were marked by further acceleration and thanks to the acquisition of new production capabilities and established brands, in 2010 Sofidel became the second largest player in Europe.
In 2012, still with Luigi at the helm, the Group was able to take another historic step: expanding its production and commercial activities into the United States. In this same period, he made the strategic choice to make sustainability a fundamental lever for Sofidel’s development and innovation.
Luigi Lazzareschi sits on the Board of Directors of the Giuseppe Lazzareschi Foundation.
Some of the major awards received by Luigi Lazzareschi for his contribution to the paper industry:
In April 1999, Luigi Lazzareschi was made a Cavaliere Ufficiale della Repubblica Italiana.
In May 2003, Luigi Lazzareschi was appointed Commendatore of the Italian Republic.
In 2009, Luigi Lazzareschi received the Ernst & Young Entrepreneur of the Year Award (Communication Category).
In 2012, Luigi Lazzareschi received the Transatlantic Award from the American Chamber of Commerce in Italy for Sofidel’s significant investments in the United States.
In 2014, Luigi Lazzareschi was included in the RISI Top 50 Power List, the annual list of the world’s most influential people in the paper industry.
In 2015, Luigi Lazzareschi received his second Transatlantic Award from the American Chamber of Commerce in Italy for Sofidel’s significant investments in the United States.
In 2016, Luigi Lazzareschi was appointed WWF Italy’s 50th Anniversary Ambassador.
In 2017, Luigi Lazzareschi received the Tuscan-American Association Award ‘for his work as WWF Italy’s 50th Anniversary Ambassador and for his significant contribution to job creation in the United States through Sofidel America’.
In 2018, Luigi Lazzareschi became a member of the Paper International Hall of Fame (PIHF), the small number of big names in the global paper industry. An entry that rewards his commitment to the sustainable development and international growth of the Group.
In 2024, Luigi Lazzareschi received his third Transatlantic Award from the American Chamber of Commerce in Italy for Sofidel’s significant investments in the United States.

Nicolò Stefani is Managing Director on the Board of Directors of Sofidel S.p.A. – holding company of the industrial group of the same name, which wholly owns the shares of all its member companies – one of the world leaders in terms of production capacity in the tissue sector (paper for hygienic and household use).
After completing his high school studies, he moves to the United States, where he obtained qualifications in Business Management at Boston University.
At the end of his US experience, he spent a year in the United Kingdom at the Sofidel UK plant, where he was able to learn more about the aspects of production in the industrial sector of tissue paper.
For the next ten years he added to his experience by working in different departments of the Sofidel Group.
In March 2021, he joined the Board of Directors of Sofidel S.p.A. as a director.
With the death of his father, Edilio Stefani, in January 2025, since March 2025 he has held the position of Executive Director on the Board of Sofidel S.p.A., with all powers, including those of signature, together with the responsibility on the Board for all subsidiaries.

Davide Giacomelli, from the third generation of one of the Group’s two founding families (Lazzareschi), is a member of the Board of Directors of Sofidel S.p.A. – holding company of the industrial group of the same name, which wholly owns the shares of all its member companies – one of the world leaders in terms of production capacity in the tissue sector (paper for hygienic and household use).
After finishing high school, he continued his studies, first in the United Kingdom at Cambridge, and then in the United States. He attended university in the state of Oregon, where he gained a degree in Economics.
This was followed by a period of work in Chicago, Illinois, where, for personal interests, he graduated in Philosophy, followed by a Master of Science in Business Analytics at DePaul University.
In July 2020, he returned to Italy and began to work within the Sofidel Group, where he currently holds the position of Consolidated Financial Statement Controller.
Since March 2025 he has been a member of the Board of Directors of Sofidel S.p.A.

Federico De Matteis, from the third generation of one of the Group’s two founding families (Stefani), is a member of the Board of Directors of Sofidel S.p.A. – holding company of the industrial group of the same name, which wholly owns the shares of all its member companies – one of the world leaders in terms of production capacity in the tissue sector (paper for hygienic and household use).
After high school, he continued his international education between Boston and Shanghai, before graduating in Business Administration specialising in Finance at the Hult International Business School, London.
He began his career in the world of private capital at Fondo Italiano d’Investimento in Milan.
In early 2021, he returned to Lucca and joined the Sofidei Group in Italy, in the Financial & Treasury department. He is currently working for Sofidel America in the United States, where he is responsible, across the board for Finance and Operations.
Since March 2025 he has been a member of the Board of Directors of Sofidel S.p.A.

Professor of the Department of Management at the Ca’ Foscari University of Venice, Chiara Mio is an internationally well-known economist for her work on the subjects of sustainability and corporate social responsibility.
She works with different economic publications and is part of bodies that work to promote sustainability policies on a global scale.
A native of Pordenone, she combines her academic research with business practices, also as a board member for major listed companies (e.g., Aquafil, Banco BPM, OVS) and others. In March 2021, she joined the Board of Directors of Sofidel as an external advisor.
Since October 2014 she has been President of Crédit Agricole FriulAdria (Crédit Agricole Italia Banking Group).
Since 2020, she has been a member of the board at IFAC (International Federation of Accountants); and currently, she coordinates the PPRAG advisory group.
Since 2021 Vice-Chair SME and Sustainability, Accountancy Europe, Brussels.
From 2015 to 2020 she was President of the ESG Reporting Task Force, Accountancy Europe, Brussels.
From 2006 to 2012, she was a city councillor for Pordenone.

Professor at the Department of Economics and Management of the University of Pisa, Silvio Bianchi Martini is a business economist who deals with the subjects of strategy and company policy. He has taught for many years, first as associate professor and then as adjunct professor at the Bocconi University of Milan.
During his work at the University of Pisa he was, among other things, Director of the Department of Economics and Management, Director of the Master in Auditing and Internal Control, Director of the Master in Governance and Business Strategy, President of the Degree course in Corporate Strategy and Governance, President of the Fibonacci Doctorate in Business and Economics, Mathematics and, Statistics applied to the economy, member of the Academic Senate.
In March 2021, he joined the Board of Directors of Sofidel as an external advisor.
He lives in Lucca, where he combines his university research with work at corporate bodies at listed and non-listed companies.

Born in Treviso on 18 August 1962.
Graduate in Political Economy from the Bocconi University of Milan.
Professional experience
Since 26 June 2023 he has been CEO and Co-General Manager of AMCO S.p.A.
He began his professional career in 1987 working at industrial company, FACCO S.p.A., before passing to Standard Chartered Bank in Milan (1989 – 1991) and then to Morgan Stanley (1991 – 1997) in London and Paris, in the Fixed Income and Trading sectors.
Later, he worked in France and again in London as Managing Director of Barclays Capital (1997 – 2000) before returning to Morgan Stanley again as Managing Director (2000 – 2006) as Head of European Government Bond Trading and Italian Global Capital Market.
In 2006, he returned to Italy as CEO of Banca Caboto, becoming Managing Director of Banca IMI (2007 – 2013) following the merger between Banca Intesa and San Paolo IMI.
From February 2014 to November 2015, he was CEO of Credito Fondiario, through a management buy-out operation conducted together with Tages Group.
From 26 November 2015 until 27 April 2021 he was CEO and Managing Director of BNL S.p.A., Director of BNP Paribas for Italy and member of the Executive Committee of BNP Paribas.
From 28 January 2016 he was President of Findomestic Banca, concluding his mandate with an appointment as CEO and MD of AMCO S.p.A.
From 28 April 2021 to 26 June 2023 he took the position of President of BNL, concluding his mandate as CEO of BNL.
From January 2016 he was member of the Executive Committee of the ABI and since 2021, as member of the Presidency Committee, he completed his mandate on 30 June 2023.
Positions completed
He was a Board Member of the London Stock Exchange Group from 2007 to 2016, where he was a member of the Audit and Risk Committee and, until 2017, Director and Vice President of the subsidiary, Borsa Italiana.
He has been a member of the Advisory Board of ENI Trading & Shipping.
From January 2022 until October 2024 he was a member of the Board of Directors of Koinos Capital SGR S.p.A.
From April 2020 to 30 June 2023 he was on the board of directors of ISPI, the Italian Institute for International Political Studies.
He was on the board of the Telethon Foundation from 2018 to October 2022.
He was a member of the Advisory Board Associazione Amici of the LUMSA from June 2017 to May 2023.
Key roles currently held
Since March 2021 he has been a member of the Board of Directors of Sofidel S.p.A.
Since June 2021 he has been a member of the Governing Council of Assonime.
Since May 2022 he has been a member of the Board of Directors of the Cortile dei Gentili Foundation.
Since March 2024 he has been a member of the Board of Directors of Sofidel S.p.A.

Chartered Accountant| Statutory Auditor | CPA (Italy and United Kingdom).
Expertise
Positions of governance and control in medium and large-sized enterprises.
He manages corporate crisis and insolvency and restructuring processes.
He assists companies in Negotiated Settlement procedures and corporate crisis and insolvency law.
He certifies the feasibility of composition, liquidation and debt restructuring plans.
He provides technical advice in civil and criminal litigation.
Professional Experience
Chairman of the Board of Statutory Auditors – Fiera Milano S.p.A. (2024-present); MADE Eventi S.r.l.
(2025-present); Galbusera S.p.A. (2019-present); Pirola Corporate Finance S.p.A. (2016-present).
Chairman of the Board of Auditors – University Foundation Campus Bio-Medico of Rome
(2015-present).
Chairman of the Board – FACEC Foundation (2020-present); Collegio San
Carlo and Foundation (2018-present).
Board member – Opera Diocesana per la Preservazione e Diffusione della Fede
(2014-present).

Expert – Enterprise Crisis Unit, Ministry of Enterprise and Made in Italy (ongoing).
President – Negotiated Settlement Commission, National Council of Chartered
Accountants (2024-present).
Previous assignments

Member of the Supervisory Board and Audit Committee – Deutsche Bank S.p.A. (2011-2023);
Chairman of the Risk Committee (2020-2023).
Sole Director – Azienda Municipale Ambiente (AMA) S.p.A., Rome (2016).
Member of the Selection Committee – Municipality of Palermo (2017-2018).
President – Order of Chartered Accountants of Milan (2010-2016).
National Councillor – National Council of Chartered Accountants and Tax Advisors
(2017-2021).
Vice-President – Accountancy Europe, Brussels (2014-2022), a body representing 50
professional associations from 35 countries for over 1 million professionals.
Publications and Research Activities
Author and co-author of numerous publications on corporate crisis and restructuring
corporate restructuring, published by Giappichelli, Euroconference and Giuffrè Francis Lefebvre.
He takes part in national and international work groups on the principles of certification, business recovery,
and the subject of corporate crisis.

Antonio Pace is Senior Partner and Head of the Milan Office (Continental Europe) for Hitecvision, one of the largest private equity funds in Europe; he was Managing Director and CEO of Fondo Italiano d’Investimento SGR from 2019 to May 2022. Most recently, he was managing founder of the Morgan Stanley Investcorp Geo-Risk Fund in New York.
Prior to this, for ten years, he was Managing Director and Strategic Equity Manager at the Credit Suisse First Boston investment bank, working out of London and Milan.
In the previous ten years, after working with Morgan Stanley International Limited in London, he was joint director of Strategic Equity for South Europe at Société Générale, working out of Paris, London and Milan.
He is Professor in “Risk Management” at the Università Cattolica del Sacro Cuore, member of the Advisory Board of the EMCFB at the SDA Bocconi School of Management, formerly Professor of Financial Markets at the Bocconi University, where he also graduated. He holds FSA certification in London, has attended the Morgan Stanley Investment Banking programme at the London School of Economics and continued his studies at INSEAD in Fontainebleau, in the Investment Banking programme.