Brembo managing director quits

MILAN - According to Reuters, premium brake systems maker Brembo says that its managing director will leave the company at the end of May in favor of Chairman and key shareholder Alberto Bombassei.

Brembo said in a statement Bombassei was in "full agreement" with the decision taken by managing director Stefano Monetini, who had chosen to pursue other career opportunities after 11 years with Brembo.

"The board of directors ... met today and took note of Stefano Monetini's decision to resign as managing director and general manager of Brembo starting from May 31, 2008," it said in the statement.

The board of directors will meet again by the end of June.

By 10:28 CET shares in Brembo had edged down 0.19 percent to 8.24 euros, while Milan's all-share index Mibtel had lost 1.28 percen