Senior Management Changes

Daikin Industries - Hubbard Products Ltd. & Zanotti S.p.A. Ltd.

Friday, November 23, 2018

We are today announcing a number of internal promotions across the Daikin Group with a re-alignment of senior management responsibilities. We have a highly focused, talented and experienced management team, and we are all excited about the prospects for growth. The Daikin refrigeration business is performing well, and we have an excellent and growing pipeline of new business opportunities both in legacy and innovative refrigeration prospects.

The management changes being announced today are designed to enhance business development, brand management, brand maturity and operational efficiency.

As of January 1st, 2019, Zanotti & Mr. Walter Maiocchi has the intention of entering into a consultancy agreement. Mr. Maiocchi will be handing over the responsibility as Managing Director and President of the Board to Mr. Patrick Maughan, current Managing Director and Member of the Board of Hubbard Products Ltd in the UK, a Zanotti Group company. He will be based at Zanotti headquarters in Pegognaga, Milan.

Mr. Ilias Katsoulis, current Managing Director of Daikin Greece, in his turn will be taking over from Mr. Patrick Maughan, as Managing Director and Member of the Board of Hubbard Products Ltd.

Mr. Patrick Maughan has extensive relevant experience in the refrigeration sector on a global scale, with large food retailers. In 2006, Mr. Patrick Maughan took the lead of Hubbard Products Ltd. in the UK, serving the cool chain supply sector in UK as well as abroad.

Mr. Ilias Katsoulis joined the Daikin Group 12 years ago and over the years, Mr. Ilias Katsoulis has taken different roles both in Greece and in Belgium. In Daikin Europe, Mr. Ilias Katsoulis was active as product manager of Daikin’s refrigeration product portfolio for 2 years.

The new Fgas legislation and the Eco-design directive have created a challenging new environment for the refrigeration market and the challenges for Daikin and Zanotti with regards to the company’s next phase of growth are many. In order to be able to realise the ambitions of Daikin and Zanotti and our partners, Daikin will continue to invest in the Zanotti group.

In financial year 2019, the construction of a new state-of-the-art test facility will be started on the Pegognaga site.

Also, taking a next step into the integration process of both companies, Daikin has confirmed to kick-off with a project to integrate the full Zanotti IT environment into Daikin. This means that substantial investments will happen in Zanotti IT and SAP is scheduled to be rolled-out in the near future.

Mr. Masatugu Minaka, President of Daikin Europe N.V. commented: "Firstly we would like to thank Walter for building a remarkable company. Zanotti has grown to be one of the most experienced and respected players in the refrigeration industry and we respect that this year is the right time for Walter to hand over the reigns as we enter the next stage of growth.

We are delighted to welcome Pat and Ilias to their respective responsible positions, effective from 1 January 2019. Both individuals bring a wealth of experience within their fields.”

We would like to wish Walter, Pat and Ilias all the best in their new positions and we trust that with their leadership and the continued drive and effort of all involved employees, Daikin and Zanotti truly can become the number one in refrigeration solutions across EMEA.