Governance

 Antonio Zaffarami, After graduating from the State Technical Industrial Institute of

Terni in 1972, specialising in Electronics, he began his professional career as a design engineer at

ESCO Electronics in Todi (Perugia).

In 1977, he worked at ITELCO in Orvieto (Terni) as head of the technical and production

department. In 1978, he founded EES Electronic Engineering Services and, in 1982, together

with Angelantoni Climatic Systems in Massa Martana (Perugia), he founded ADEL (Advanced

Electronics), where he served as sole director from 1982 to 1988, achieving interesting technical

and financial results.

In 1988, he founded ELES Equipment S.r.l., and in 1990, he established ELES Semiconductor

Equipment S.p.A., where, in addition to serving as Chairman of the Board of Directors.

He was a partner of AICQ Centro Italia for the dissemination of quality culture in Umbria. From

1997 to 2002, he was president of Confapi in Perugia, as well as a member of the national

Confapi council and delegate of the national Confapi president for research and innovation.

Finally, he was a founding member and advisor of SITECH, a regional agency for innovation,

which later merged with the Umbria Technology Park until 2003.

Francesca Zaffarami, born in Todi (Perugia) on 10 Dicember 1978. After graduating in

Electronic Engineering from the University of Perugia, in 2003 he began working with ELES

Semiconductor Equipment S.p.A. as an application engineer. Between 2004 and 2006, he

participated in the company's research and development project called ‘Wafer Level Burn In’,

assisted by the Research Lab in Catania, eventually becoming the Issuer's project manager for

digitisation and research projects.

After obtaining an EMBA from LUISS Guido Carli University in Rome in 2009, he continued his

collaboration with the company, holding the positions of Controller and COO Assistant from

2008 to 2014.

Since 2016, he has been CEO of Eles S.p.A.

Rabah Derradji, Vice-President born in Algeria on 15/10/1964, graduated in Electronic

Engineering from the University of Perugia in 1993. After completing a two-year PhD at the

University of Perugia in “Space Electronics and low orbit satellite terrestrial station

instrumentations”, he held management positions at EDA Industries S.p.A (semiconductor test

solutions) until 2014. From 2014 to 2016, he was sales director and assistant to the CEO at EDA

Industries Pte Ltd. From 2017 to 2022, he served as President and CEO of EDA Industries SpA.

From 2022 to 2024, he was a senior consultant for nanoelectronics at the Fraunhofer ENAS

Institutes. In 2024, he took on the role of Chief Transformation Officer at Eles S.p.A. and since

2025 he has been Vice-President of the Board of Directors of Eles.

Massimiliano Bellucci, Board Member, was born in Todi (Perugia) on 10 November 1972. In

1990, he obtained a diploma in industrial electronics engineering from the Alessandro Volta State

Technical Institute in Perugia. He began working at Eles S.p.A. as Field Technical Officer,

holding this position from 1995 to 1998, while from 1998 to 2001, he held the position of

Programme/Product Manager of the ATE-Equipment business unit. During this time, he gained

significant experience in managing the production department with direct responsibility for end

customer management, supplier management and internal resources (control and supervision,

continuous improvement and process optimisation). In 2001, he founded CBL Electronics s.r.l.

as CEO, with specific responsibilities over the years in the roles of administrative, commercial

and HR manager. Since 2022, he has held the position of CEO at the same company.

Massimiliano Burelli, graduated in Industrial Technology Engineering

with a specialisation in Economics and Organisation from the University of Udine and has

twenty years of experience in plant engineering and production management in the metals sector.

Since 1997, he has held management positions in large companies in Italy, Switzerland and

Germany: Alcoa (1997-2005), Danieli (2005-2007), Acciaierie Bertoli Safau (2007-2009), Rio

Tinto Alcan, which later became Constellium (2009-2016), and ThyssenKrupp/Acciai Speciali

Terni (2016-2022). He served two terms as the President of Confindustria Umbria's

Massimo Vanzi, Independent Director (1) after graduating in electronics in 1976 from the

University of Genoa and obtaining a Master's degree in Electrical and Computer Engineering in

1979 from Stanford University, worked with Signetics, Innovative Silicon Technology and

STMicroelectronics.

In 1993, he founded Accent, a company specialising in the design and manufacture of integrated

circuits and silicon systems (SoC), where he served as CEO until 2008. In 2008, he began

working as a consultant for SMEs and technology start-ups. Since then, he has become a partner

or co-founder of more than 14 technology start-ups in Sophia Antipolis, Lausanne, Milan,

Bologna, Padua, Udine, Genoa, Cosenza and Turin. He is one of the co-founders of Genova

High Tech and a technological and strategic advisor to a dozen other start-ups and SMEs. He

was a senior member from 2008 to 2023 and a member of the Screening Committee of Italian

Angels for Growth (IAG), Italy's first business angel network, for six years.

He is a volunteer mentor for accelerators for innovative start-ups or research centres, such as

Impact Hub, LUISS Enlabs, IIT, UNIPV, etc. He participates as a judge in numerous tech start-

up competitions and as a guest lecturer in numerous degree courses and events on innovative

start-ups. He has been a consultant to the University of Genoa and the University of Pavia on the

startup business model, and a consultant for technology transfer at the Swiss Federal Institute of

Technology in Lausanne (EPFL) and the University of Bologna. He is a member of the scientific

council of ISICT-Genoa and was a member of the scientific committee of the Centre Suisse

d'Electronique et de Microtechnique (CSEM) in Neuchatel. In 2019, he was invited as an adjunct

professor at the EU's Advanced Summer School on High Performing Computers (ACACES) on

the topic: “Developing and funding DEEP TECH startups”. He is an adjunct professor at the

University of Pavia in the Innovation Management course of the MIBE (Master in International

Business and Entrepreneurship) and in the Master's in “Digital Innovation and

Entrepreneurship” in the years 2014-2019. Consultant to the Liguria Region (FILSE) for

innovative Ligurian startups. Since 2022, Senior Advisor to CDP Venture Capital and recently to

the Haystack Ventures fund focused on Deeptech startups. Member from 2022 to 2024 of the

Board of Directors of Axelera AI, one of the most innovative European start-ups in the world of

semiconductors. Since January 2025, Massimo has been an adjunct professor teaching:

“Entrepreneurship, Start-ups and Business Plans” at the University of Genoa.

 Vincenzo Maurizio Dispinzeri He graduated in Law from the University of Palermo in 1986. He worked as an official at the Bank of Italy until 2000, gaining experience mainly in the supervisory sector, both at the central administration and at the Milan office. He then began his career as a freelancer, becoming a partner in several leading Italian and international law firms and, since February 2024, he has been a founding partner of Regulatory Law S.T.A. He has held and continues to hold positions as special commissioner or member of the supervisory committee of various banking and insurance intermediaries. He is a director and auditor of several banking and financial intermediaries.

 Pierluigi Pipolo, Born on June 24, 1972, he started his professional activity in 2001 as an individual and later also as an associate. He is an Auditor and has covered and still covers the role of Acting Auditor and Chairman of the Board of Auditors in private companies and the role of Auditor and Chairman of the Board of Auditors in local authorities. He deals with business consultancy under the managerial, fiscal and administrative profile at the client companies of the professional firm of which he is the owner. He has covered and still covers the role of Administrator and Liquidator of corporations. He is enrolled in the Register of Technical Consultants of the Court of Naples and in the list of Cooperative Auditors of the Cooperatives and Mutual Societies National League.

Lucio Grimaldino Born on January 20, 1974, he has worked in a banking institution since 1998 and has been a Chartered Accountant and Statutory Auditor since 2003.

He obtained his PhD in 2007. He is an auditor and has held and continues to hold the position of standing auditor and chairman of the board of statutory auditors in private limited companies and the position of auditor and chairman of the board of auditors in local authorities. He has held and continues to hold the position of liquidator of limited companies. He is registered in the Register of Court-Appointed Technical Consultants of the Court of Perugia. He is a member of several Supervisory Bodies and Independent Evaluation Bodies in a number of public bodies. He is an adjunct professor of Marketing and Business Communication at the Faculty of Engineering in Perugia.

He is registered with REPRISE (Register of Expert Peer Reviewers for Italian Scientific Evaluation) at the Ministry of Universities.

Ugo Vigna He graduated in Law from L.U.M.S.A. University in Rome in 2015, obtained a second level master's degree in Business Law from L.U.I.S.S. University in Rome in 2016 and a Master of Laws (LL.M.) in International Financial Law from King's College London in 2018. He has been a member of the Rieti Law Society since 2019. He has been an associate in leading Italian and international law firms and, since 2024, has been a founding partner of Regulatory Law S.T.A.

Marco Bartolocci graduated in Economics and Business from the University of Perugia in 1999. Since 2004, he has been registered under number 293, section A, of the Order of Chartered Accountants and Accounting Experts of Terni. 

He provides accounting, tax and corporate consulting services to numerous companies.

He is a full member of boards of statutory auditors and an auditor for medium-to-large companies located throughout Italy.