Home / Business and Economy / Italy Eyes New Leader for Defence Giant Leonardo
Italy Eyes New Leader for Defence Giant Leonardo
10 Apr
Summary
- Government proposes Lorenzo Mariani to replace Roberto Cingolani.
- Leonardo's shares rose fivefold under Cingolani's tenure.
- Political considerations reportedly prevailed over Cingolani's removal.
The Italian government is proposing Lorenzo Mariani as the new chief executive of defence group Leonardo, aiming to replace the incumbent Roberto Cingolani. Mariani, previously Leonardo's chief commercial officer, is on a list of board candidates slated for a shareholder vote next month. The government, which holds over 30 per cent of Leonardo's stock, has not publicly stated the reasons for seeking Cingolani's removal.
Despite a recent 8 per cent dip in Leonardo's share price following news of the potential change, Cingolani's three-year tenure saw remarkable growth. Under his leadership, the company's shares increased fivefold, and net profit surged by 91 per cent to €1.33bn. Cingolani, a scientist by training, also fostered significant industry alliances during his time.
Sources suggest that while Cingolani's "proactivity" and "technocratic approach" did not gain universal political backing, his removal was ultimately driven by "political considerations." Mariani's prior senior roles at Leonardo are seen as providing "much needed continuity" for the defence giant.
