Donnarumma at Cdp Venture Capital, what’s going on?
The appointment of Donnarumma, former number one of Terna, to the top of Cdp Venture Capital (sgr controlled by Cassa depositi e prestiti), despite the little institutional announcement made by the Undersecretary to the Prime Minister, Fazzolari, in an interview with Corriere della Sera has not yet been made official. Facts and rumors
Today Cdp will give the green light to the appointment of Stefano Donnarumma at the helm of Cdp Venture Capital, an asset management company controlled by Cassa depositi e prestiti and participated by Invitalia (ministry of the Economy). So wrote the newspapers on April 18th.
Donnarumma is Terna's outgoing CEO, a manager highly esteemed by the current prime minister, Giorgia Meloni, and who was also among Palazzo Chigi's preferred candidates for the leadership of Enel. But then the Ministry of the Economy (with the applause in particular of Lega and Forza Italia) indicated Paolo Scaroni as president and Flavio Cattaneo as managing director; choices which have also been criticized by the British funds which are shareholders of the energy group so far led by Francesco Starace.
Donnarumma's appointment to lead Cdp Venture Capital in place of the director and general manager, Antonio Resmini, had already been announced by the undersecretary to the Presidency of the Council of Ministers, Giovanbattista Fazzolari, in an interview with Corriere della sera : "He will lead Cdp Capital Ventures. A position of great prestige and responsibility”, said the undersecretary who was very close to Meloni, speaking the day after the appointments, regarding the future of the former CEO of Terna.
Yet the appointments committee of Cdp and the subsequent board of directors of the Cassa for the replacement of Resmini with Donnarumma on the board of Cdp Venture Capital, were no longer held.
What happened?
There are two hypotheses filtering from sources in the Ministry of Economy: there is still no agreement on Donnarumma's salary and Donnarumma's transfer from a company (Terna) 29.85% owned by Cdp Reti to a company (Cdp Venture Capital) 70% controlled by Cdp. A de facto intra-group passage – according to some theses circulating among Treasury technicians – and which must be carefully examined and approved also to avoid potential findings by the Court of Auditors.
Can anyone who is about to collect a liquidation from Terna (6 million euros?) go a moment later to the top management of another company in the Cassa depositi e prestiti group such as Cdp Venture Capital?, one wonders in the corridors of the Mef.
Finally, there is a third hypothesis, which government circles consider more probable: the question was extended by the Cassa bodies because the heads of the CDP are still busy with the intricate Tim dossier.
In these hours, however, there are rumors of a takeover-flavored move by Vivendi with funds and banks on Tim. And will the Meloni government give the green light to the French of Bolloré by handing them all of the former Telecom Italia?
We will see.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/donnarumma-a-cdp-venture-capital-cosa-sta-succedendo/ on Thu, 20 Apr 2023 13:10:46 +0000.