Last time it was a whirlwind but this time for public appointments at the top of the state-controlled economic giants it won't be like this anymore, subject to the judicial uncertainty and its consequent effects. In this field, surprises are always around the corner but what is certain is that in the coming weeks the scene of three years ago will not be repeated when the Minister of Economy, Pier Carlo Padoan, entered Matteo Renzi's studio at Palazzo Chigi , with a list of candidates and that list ended up in the trash because the Prime Minister had already decided to change everything and to consolidate his reputation as a scrapper even at the head of large public companies.
This time it will not go like this for at least two good reasons: the first is that, in the vast majority of cases, the appointments of the Renzi government have been successful, as evidenced by the accounts of public companies under examination, and there is no reason to upset them if not exogenous reasons and the second is that Renzi, while remaining the government's reference shareholder, is weaker than three years ago and must take into account the point of view of the new premier Paolo Gentiloni and the ministers of the economy and economic development , Padoan and Calenda. Without forgetting that even the investment funds, organized in Assogestioni, will not fail to make their voices heard especially in companies where the market is virtually in the majority.
This is why "quieta non movere" is today the mainstream circulating in the halls of power fifteen days after the presentation of the first official lists of Treasury candidates for the renewal of the boards of directors of Eni, Enel, Terna, Leonardo, Poste Italiane and Enav, that is, the most relevant part of the Stock Exchange and of Italian capitalism.
As things stand, with respect to the line of continuity, only one exception emerges in the large public appointments: that of Leonardo-Finmeccanica for which the judicial variable enters the field with the recent 7-year sentence of CEO Mauro Moretti, for the Viareggio train disaster that occurred when he was at the helm of the State Railways. A confirmation of Moretti, beyond his undisputed qualities, would be the easy target of the protests of the grillina opposition in the electoral campaign but above all it would sound like a lack of sensitivity towards the families of the Viareggio victims. This is why the Government is preparing to replace Leonardo-Finmeccanica at the helm and hopes to score a coup with the appointment of an internationally renowned top manager such as Alfredo Altavilla, right-hand man of Sergio Marchionne and chief operation officer of the Fiat Chrysler Automobiles group for Europe.
It will not be easy to convince Altavilla, one of the most prominent top managers in FCA, but if we succeed, he would immediately become a new flagship for the government. Asked in this regard just today by Corriere della Sera about his hypothetical future in Leonardo, Altavilla replies as follows: "I am totally committed to achieving FCA's 2018 Strategic Plan for my region, I will not comment on the press rumors". Hamletic words that do not clearly express either a yes or a no to a professional future in Leonardo but which today could not have been different from this.
Alternatively, if the Altavilla hypothesis proves unworkable, the public shareholder has two ways to find a new guide for Leonardo: either to promote an internal manager (the first on the list is Fabrizio Giulianini, head of the electronics, systems and security of the group) or move the CEO of Poste Italiane, Francesco Caio, to Leonardo, who has the technological skills for such an assignment. On the other hand, the confirmation of Leonardo's presidency by a civil servant like Gianni De Gennaro remains probable.
Caio's eventual move to Leonardo's head would have a domino effect which, in addition to Poste Italiane, could also involve Cassa depositi e prestiti (Cdp) and perhaps even Terna. The reason is simple: Caio alle Poste could be replaced by the current CEO of the CDP, Fabio Gallia, who would not disdain to manage a company that is directly operational and undergoing transformation such as the postal one, where the financial component is growing visibly. In that case, a very important chair would be freed up at the Cassa, from which the current CEO of Terna comes, Matteo Del Fante, who would like to continue his mission at the top of the electricity grid company but who could not oppose it, if necessary , to a different call from the Government.
That of the whirlwind of appointments due to the effects of the judicial variable on Leonardo is not the most probable of the hypotheses to date but it cannot be completely excluded. Much will depend on Altavilla's response to the government. On the other hand, it does not appear that the judicial unknowns involving the CEO of ENI, Claudio Descalzi, for whom the Milan prosecutors have requested indictment for international corruption for the alleged Nigerian maxi-bribe, induce the public shareholder to change horse for now. Descalzi seems destined to remain at the helm of ENI and his future will depend on developments in the process.
The top teams of Enel and Terna are very confirmed (unless Del Fante is called to other positions) by virtue of the excellent results achieved by Francesco Starace at the helm of Enel (with Patrizia Grieco at the presidency) and by Del Fante (with Catia Bastioli to the presidency) at the head of Terna. The pink presidencies in the large public groups were a happy intuition and a significant novelty of the Renzi government which have a good chance of being reconfirmed in toto, even if some criticism has been raised by Emma Marcegaglia at ENI and Luisa Todini at the Italian post office.
The ENAV top management also seems to be heading towards confirmation, which has Roberta Neri, the only woman with management duties who has just managed the company's listing, as its CEO, and its president in Ferdinando Franco Beccalli Falco. With many certainties and some not irrelevant unknowns, this is the most up-to-date state of the art of major public appointments just a few days after their takeoff, but when politics is involved, one can never say never. Especially in turbulent times like these.
