Alessandro Profumo replaces Mauro Moretti at Leonardo
Veteran banker to take helm at state-controlled Italian defence and aerospace group
Veteran banker Alessandro Profumo is set to become the next chief executive of state-controlled Italian defence and aerospace group Leonardo in a “spoils system” shake-up of the top jobs at some of Italy’s largest companies.
Along with Mr Profumo, the former chief executive of UniCredit and chairman of Monte dei Paschi di Siena who has no experience in the defence industry, new bosses are set to take over at Italy’s national post office, Poste Italiane.
The review every three years of the top positions at Italy’s largest state-owned companies is a “spoils system” where seats are handed out to executives considered close to or supportive of the government.
Matteo Del Fante, a former JPMorgan banker close to former prime minister Matteo Renzi, has been proposed by the Treasury as chief executive of Poste Italiane, taking the place of its current well-regarded boss, Francesco Caio. Bianca Maria Farina, one of Italy’s most senior women executives who sits on the board of the Vatican’s financial regulator, will be the new chairman of the post office.
The appointment of Mr Profumo at the company formerly known as Finmeccanica is seen as a promotion for the veteran banker with longstanding ties to Italy’s centre left. Mr Profumo made an inglorious exit from UniCredit in 2010 but salvaged his reputation by agreeing to be chairman of the Italian bank Monte dei Paschi as it teetered on the brink of collapse.
He replaces Mauro Moretti who was put out of the running for another term after he was convicted and sentenced in January to seven years in prison for his role in a rail crash in 2009 that killed 32 people in the Tuscan town of Viareggio. Mr Moretti is appealing against the conviction.
Remaining in their jobs are Eni’s incumbent chief executive, Claudio Descalzi, who is facing trial over corruption charges and chairman Emma Marcegaglia, and Francesco Starace and Patrizia Grieco, incumbent chief executive and chairman, respectively, at Enel. Mr Descalzi has denied wrongdoing.
The nominations made by Italy’s Treasury on Saturday are still to be confirmed by investor meetings in the coming weeks, but given the Italian state’s position as majority shareholder this is a formality.
This year’s round of appointments was closely watched for signs of the influence still held by former prime minister Matteo Renzi who resigned as premier in December after a devastating referendum loss.
The promotion of Mr Del Fante to Poste Italiane, replacing Mr Caio, a former chief executive of Avio who had successfully taken the post office public, was seen as a sign of the ongoing influence of the former prime minister on the appointment system. Mr Del Fante’s previous role as chief executive of state energy grid operator, Terna, is expected to be taken by former Enel executive, Luigi Ferraris.
The Five Star Movement, a populist party running neck and neck with the left in opinion polls, decried what it perceived as Mr Renzi’s continuing influence.
“Renzi managed the nominations and put his own men in the jobs. This is intolerable and dangerous,” Five Star founder, Beppe Grillo, said.
The nominations were also controversial for Mr Profumo’s promotion and the exit of Mr Caio, who had successfully taken the Poste Italiane public two years ago and increased net profit by 13 per cent last year. Mr Caio told Italian media that “in a normal country” he would have been reconfirmed for such results. Mr Caio was widely seen as having irritated Mr Renzi by refusing to use the post office to rescue Italy’s ailing bank Monte Paschi last year and avoid a state bailout, say people familiar with the matter.