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Zegna chief quits AWS board
5 Nov 2004
Two prominent directors of Australian Wool Services have left the board in the wake of the $5 million loss reported by the company that owns the Woolmark label. Sam Chisholm, a director of Telstra and also an investor in wool properties in New South Wales, and Massimiliano Zegna Baruffa, chief executive Officer of the Zegna Baruffa Lane Borgosesia fashion label, both resigned. AWS chair Trevor Flugge would not explain the reasons for the resignation. Flugge did explain the operating loss, which he said included $2.4 million on research and development from an initial subsidy of $20 million provided by the federal government following privatisation of AWS in 2001.
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