Earthquake on Carige: with the resignation of the president, the CEO and three directors the board of directors has lapsed. The reaction of the ECB was immediate, following the BRRD directive on the bail-in, which allows the appointment of temporary administrators with the aim of avoiding the collapse of the bank, ordering the receivership. And in the meantime, Consob has decided to suspend the Carige stock on the Stock Exchange for today.
Thus begins the new year for the Ligurian bank, after the turbulence of the last few days and in view of a 2019 that will be decisive for putting the accounts back in order (after the shareholders' meeting rejected the capital increase) and at this point also for define a new governance. The news came through a note from the same bank, which communicated that, with effect from 2 January 2019, Pietro Modiano has tendered his irrevocable and unconditional resignation from the office of Chairman of the Board of Directors and director of the bank and Fabio Innocenzi has tendered his irrevocable and unconditional resignation from the office of Chief Executive Officer and Director. Salvatore Bragantini, Bruno Pavesi and Lucia Calvosa also resigned.
The reasons behind the resignation are "the changed conditions deriving from the outcome of themeeting on December 22nd which did not approve the delegation to the Board of Directors for the increase of the share capital”. With the aforementioned resignations, the note explains, “the majority of the directors in office has ceased to exist and therefore the entire Board of Directors must be deemed to have lapsed“. The countermove by the ECB was immediate, appointing the former president and outgoing CEO, Pietro Modiano and Fabio Innocenzi as Extraordinary Commissioners.
The ECB has also appointed a Supervisory Committee composed of three members: the president Gian Luca Brancadoro (Professor of Commercial Law at the University of Teramo and expert in corporate law, financial markets and bankruptcy procedures), Andrea Guaccero and Alessandro Zanotti. The provision, following the resignation of the majority of the members of the Board of Directors, "will give greater stability and coherence to the governance of the company which, therefore, will be even more effective in serving, thanks to its employees, depositors, customers and the territory" .
