The Board of Directors of Piaggio Aerospace announces that Giovanni Tomassini has stepped down from the position of Chief Executive Officer, effective May 15, 2026. Since his appointment in July 2025, Mr. Tomassini played a key role in supporting the company's turnaround following its acquisition by Baykar and in driving its return to growth.

Piaggio Aerospace Chairman and Baykar CEO Haluk Bayraktar thanks Giovanni Tomassini for his contribution and professionalism during his tenure: "Since the acquisition of the company by Baykar, Mr. Tomassini has contributed with professionalism and dedication during a significant period of transition and transformation for the organization", adding "I would like to express our sincere appreciation for his valuable service to the company."

The Board further announced that Mr. Tomassini will be succeeded by Francesco Cristian Toninelli, previously Aircraft General Manager at Piaggio Aerospace, who is assuming leadership to guide the company into its next phase of growth. Toninelli will focus on scaling operations and supporting production ramp-up as the company prepares to introduce the Avanti NX. Under  his leadership, the company aims to strengthen its manufacturing capabilities and progressively increase output, reinforcing its position in the global business aviation market through both its aircraft portfolio and its engine products.

Piaggio Aerospace sincerely thanks Giovanni Tomassini for his leadership during his time as CEO, as well as for his dedication and contributions to the company throughout the years. We wish him every success in his future endeavours.