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MILAN, Italy (AP) - Parmalat SPA, the Italian dairy company recovering from a financial scandal, said Friday it has hired Pier Luigi De Angelis to replace Guido Angiolini as its chief financial officer.
In a brief statement, the Parma-based company said De Angelis was CFO at energy company Edison SPA until 2003, and later worked for the coffee company Lavazza.
In December 2003, the company said that a multibillion dollar account with Bank of America Corp. did not exist. Parmalat filed for bankruptcy protection and revealed that its debt was eight times higher than previously claimed.
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