How I made Fincantieri great. Word of Bono to the employees

How I made Fincantieri great. Word of Bono to the employees

The letter that Giuseppe Bono, outgoing CEO of Fincantieri, to the employees of the group

Dear Colleagues, Dear Colleagues,

after twenty years my experience in Fincantieri is coming to an end. I don't usually indulge in personalities, but I think the time has come to share some reflections and take stock of the path that has led our Group to be recognized as an excellence all over the world.
When I arrived in 2002, we had only one client in the civilian and one in the military sector. In a difficult situation, downstream of the crisis that arose after the tragic attacks of 11 September and with the end of the European contribution system for shipbuilding, I immediately felt the need to lay the foundations for a new Fincantieri, capable of looking to the future and to deal with a global scenario.

The cornerstones of this revolution were, from the beginning, the internationalization and the expansion of our skills, which we did not hesitate to implement with courageous choices, which proved to be correct. We thus entered the American defense market with the acquisition of some shipyards. This initially allowed us to participate in consortium with Lockheed Martin, world leader in the defense sector, in a program for a new generation of US Navy ships and which would prove to be the best business card for the future. Over time we have gained credibility with the American Administration and the Pentagon and after a few years, establishing ourselves on the main US manufacturers, we have achieved a success of historic significance: the contract for the realization of the program of the new frigates of the "Constellation" class, based on the Fremm, multi-role ship for the Italian Navy .
Given the particularly critical economic situation, we are committed to anticipating and countering the effects of the global financial crisis, resisting the moment of greatest difficulty and coming out of it strengthened. We did this through the restructuring of the Italian activities, with the reduction of about 20% of the staff, which took place by keeping all the Italian shipyards in operation and without even a layoff. This has allowed us to keep the company in business and, at the same time, to start a reorganization of the production activity which, together with the maintenance of technical and engineering resources, has allowed us to strengthen our competitive position, putting us in a position to be able to expand both the customer base and the product portfolio.

This strategy was fundamental to enter an even more ambitious phase. We have focused on services increasingly requested by customers, such as logistical support and after-sales. We have finalized the acquisition of control of one of the major builders of ships and special offshore vessels, which we have renamed Vard . This company, following the crisis in the Oil & Gas sector, was repositioned and included in the context of Fincantieri's activities while leaving it with the expertise, which it still maintains today and which is used for wind farms and for energy.

Returning to Fincantieri, in 2014 our path culminated with the listing on the stock exchange, with a capital increase and without injections from the shareholders, because I have always maintained that we should not burden the shareholder, but face the market openly.
We have achieved unthinkable results in the cruise sector, landing in China with a joint venture together with giants such as Carnival and CSSC and, in the military field, in addition to continuing to work profitably with our Navy, we have increasingly established ourselves in exports, obtaining results of absolute importance for clients such as Qatar and Egypt.
We were the first to identify a strategic policy for the consolidation of the European naval industry, so much so that we moved to France, winning an international tender for the acquisition of Chantiers de l'Atlantique, one of the major European players in construction. of cruise ships, owned by the Koreans. Subsequently, as is known, the project ran aground due to the difficulties raised by the European Antitrust and by the will of the French government itself that nationalized the company. Always with the French in the military field, we have created a collaboration with Naval Group for commercial coordination and research.

In recent years we have recorded unique performances on the world scene: absolute leadership in cruise, with a market share of more than 40%, and an unparalleled operational resilience in the sector, so much so that we have been taken as a model in Italy and abroad for how we have been able to manage the pandemic emergency, managing in the last two years to respect deliveries without canceling orders. I cannot help but mention the results achieved in electronics, digital, cybersecurity and infrastructures, one above all the new San Giorgio bridge in Genoa, a work for which we have put our unique capacity to serve the country. manage extremely complex processes within the established times.
Today our group records about 7 billion in revenues, more than tripled compared to my arrival, and an overall workload of almost 35 billion with 93 ships in the portfolio and a time horizon that takes us to the end of the current decade. We have achieved these extraordinary goals thanks to dedication, passion and a strong sense of belonging, values ​​reflected in you who are the authentic heritage of the company. The “Fincantieri model” that is so much talked about, based on organizational capacity, sees you in first place. For this reason we have created forms of support through pioneering trade union agreements that also represent the social function performed by Fincantieri: nursery schools, company welfare, continuous training from workers to managers and, above all, the strenuous defense of those principals without which less fortunate areas would have suffered irremediably.

I am sure that you will continue to commit yourselves along the path of growth and affirmation of our company, also strengthened by the fact that we have already mapped out further opportunities to be seized and others will certainly arise thanks to the work carried out over the years.

If today Fincantieri is an extraordinary reality, the merit is above all yours and the team we have been able to form together. Leading this great Group has been a privilege for me.

My sincere thanks go out to all of you, one by one. In this moment I feel a mixed feeling of nostalgia and serenity, that of those who leave their home in trusted hands, your hands. I do it without regrets and with the awareness of having given my all for you and for the country.
Go ahead with your head held high, proud of your work because this great reality belongs to you.

Wind in the stern of Fincantieri!

Trieste, May 13, 2022

This is a machine translation from Italian language of a post published on Start Magazine at the URL on Fri, 13 May 2022 07:41:58 +0000.