Ubisoft's board of directors announced that Marc Fiorentino has been elected to serve as a director. The election, which took place on July 10, 2006, follows the resignation of Yvette Guillemot. Guillemot served on the board of directors since January 25, 1996 and contributed to the Group’s strong growth. Fiorentino, 46, a graduate of HEC, a prestigious business school in France, specializes in financial markets and medium-sized companies. For more than 15 years he served as director of European operations for a number of US investment banking institutions, including Bank of America, Drexel Burnham, PaineWebber and more recently Salomon Smith Barney. He subsequently founded his own brokerage firm, Euroland Finance, in 1999.