What Folgiero will do in Fincantieri instead of Bono
Giuseppe Bono leaves the leadership of Fincantieri after twenty years, Pierroberto Folgiero arrives at the helm of the naval group. Facts, comments and scenarios
New helmsman for Fincantieri after 20 years of driving in the name of Giuseppe Bono.
On Wednesday, the Cdp – which controls Fincantieri 71.3% through Cdp Industria – proposed Pierroberto Folgiero (current number one of Maire Tecnimont) as the new CEO, succeeding Giuseppe Bono, CEO since 2002, after twenty years.
The appointment should be approved at the shareholders' meeting on May 16th. Also Cdp has indicated for the presidency General Claudio Graziano to replace Giampiero Massolo.
"Both men have competence and vision," Giorgio Mulè, Undersecretary of State for Defense (in Forza Italia share) told DefenseNews . Mulè added to the magazine that Folgiero has extensive experience as a global manager, while Graziano has had "excellent relations" in the US and Europe.
Furthermore, the Undersecretary of Defense stressed that the reshuffle could favor a closer working relationship between the naval group and the defense and aerospace giant Leonardo.
According to Repubblica "Folgiero will have to make ends meet and relaunch the production of cruise ships which had to suffer the sharp slowdown in the flow of tourists due to the pandemic".
For the analysts of Banca Akros Folgiero he is the right man for a capital increase in Fincantieri. Recapitalization excluded in 2021 by Giuseppe Bono. There have been rumors of a possible capital increase of the Trieste shipbuilding group since last November. That is, on the occasion of the hypothesis of the acquisition of Oto Melara and Wass put up for sale by Leonardo.
Here are all the details.
THE NOTE FROM UNDER SECRETARY GIORGIO MULÈ
“Congratulations to General Claudio Graziano for his appointment as president of Fincantieri. The prestigious assignment comes at a crucial time for the strategic sector of the defense industry. His great experience and competence are a guarantee of success for one of the most important shipbuilding complexes in the world. Good work to Dr. Pierroberto Folgiero, appointed CEO. I send my sincere wishes to both of you ”, wrote the Undersecretary of Defense, Giorgio Mulè, who thanked Giuseppe Bono“ for the important results achieved in these twenty years at the helm of the company ”.
ROUTE TO LEONARDO?
But Mulè suggested to DefenseNews that the reshuffle could be positive. It also provided for a closer working relationship between Fincantieri and the other giant controlled by the state Leonardo. I foresee that the political-industrial relationship will now strengthen and forge closer ties with Leonardo, ”said Mulè.
The relationship between the two giants both involved in defense has not been among the most idyllic in recent years.
THE OTO MELARA AND WASS DOSSIER
La Verità stressed today: “Just think of the strong contrasts between Bono and Alessandro Profumo, CEO of Leonardo, on the sale of Oto Melara and Wass”.
“Bono also claimed it at the cost of imposing a capital increase by Cdp, while Leonardo's number one had already started the sale to a German consortium. The latest in a series of clashes between the two defense flagships (cumbersome for the government was also the one related to the state cloud) which required a revision not only of the board of directors but also of the working methods ", wrote Claudio Antonelli of the newspaper founded and directed by Maurizio Belpietro.
CAPITAL INCREASE IN SIGHT?
Finally, according to the analysts of Banca Akros – taken up by MF – with Folgiero the hypothesis of a capital increase for Fincantieri could come back into vogue.
In recent years, "CEO Bono has repeatedly ruled out that Fincantieri needed a capital increase unless it carried out large mergers and acquisitions," recalled Banca Akros. In the long run, the appointment of a new leader “may mean that the strategy will change”.
In the short term, Banca Akros does not rule out that the neighbor in Folgiero will carry out "an in-depth review of the business with possible implications in terms of write-downs and, in the worst case, of a capital increase as he did when 8 years ago he took the lead of Maire Tecnimont ".
On the rumors, however, of a possible merger with Leonardo, analysts believe that putting together Fincantieri (75% of the business comes from cruise ships) with an almost pure military company like Leonardo, "doesn't make much sense: the group that would be born it would be a conglomerate that would trade at an even greater discount than its competitors ".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/che-cosa-fara-folgiero-in-fincantieri-al-posto-di-bono/ on Thu, 21 Apr 2022 14:01:46 +0000.