Complex sentence: In 2004 Albino Carleo and a number of the board retire after serving many years and a new board is structured with Franco Pisapia, a nephew of Albino Carleo, taking over the driving seat as Managing Director.
Split into simpler sentences: In 2004 Albino Carleo and a number of the board retired after serving many years. A new board was structured with Franco Pisapia, a nephew of Albino Carleo, becoming the Managing Director.