Italian supplier Sogefi appointed Frederic Sipahi as its new CEO on Friday after posting a 22 percent drop in 2020 core profits as an uptick in sales in the fourth quarter was not enough to offset the impact of the coronavirus crisis.
The Milan-based company, which develops and produces filtration, air management and engine cooling systems as well as suspension components, said full-year earnings before interests, taxes, depreciation and amortization (EBITDA) came in at 138 million euros ($166.69 million), while revenues fell 14 percent at constant exchange rates to 1.2 billion euros.
Sogefi expects to return to a full-year net profit this year from a net loss from operations destined to continue of 19.6 million euros in 2020, thanks to measures put in place to cut the impact of fixed costs and to improve profitability.
Sipahi, 40, currently is head of the supplier's air and cooling and filtration business units. He worked for PSA and Faurecia before joining Sogefi in 2012.
Sipahi succeeds Mauro Fenzi, who steps down for personal reasons.