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Public appointments, the charge of the 400: a turnaround in sight for Eni

Except for Eni, where the judicial proceedings have weighed down CEO Descalzi, the budget and stock market results seem to push for a general reappointment of the heads of public groups expiring next spring

Public appointments, the charge of the 400: a turnaround in sight for Eni

Are approximately 400 public nominations, direct or indirect, that the new government will have to do by 2020 and which in practice will shape the future of a large part of economic power, given the importance that the shareholder State maintains in the Italian economy. The renewal of the top management of Eni, Enel, Terna, Leonardo, Poste Italiane and Enav it's the highlight of the public nomination season that will peak next spring. Without however forgetting the next renewal of the Sace and the promotion by December of Fabio Panetta to the board of the ECB, with the consequent appointment of the new General Manager of the Bank of Italy, for whose prestigious position the former General State Accountant, Daniele Franco, current deputy director of Via Nazionale, is in pole position.

Tracing the organization chart of the major public groups now would be a bit like pretending to know the list of the next governments, when one knows that the cabinets of ministers can change - and it has happened more than once in the past - even in the short journey that the appointed prime minister must travel from Palazzo Chigi to the Quirinale to inform the President of the Republic of the formation of the government he intends to form.

However, two arguments can be made right now: the importance of the results collected in the field by expiring managers e the impossibility of re-nomination for anyone under investigation by the judiciary.

ENI

This second point, particularly advocated by the Five Star Movement, which, being the largest parliamentary group, will somehow want to leave a mark on the next appointments, leads us to believe that there is no room for reconfirmation for the CEO of Eni, Claudio Descalzi, which since the beginning of his mandate in 2014 has always had to deal with relevant judicial troubles which have, beyond any other consideration, tarnished the public image.

With Descalzi it is most likely also the president Emma Marcegaglia is destined to leave the scene as part of a general renewal of the six-legged guide dog. But who will replace Descalzi at the helm of ENI? This is where the battle for public appointments will start as soon as the Government opens the spring dossier. At present, two schools of thought are confronted: the majority one, which, in homage to tradition – bypassed only on the occasion of Paolo Scaroni's move from Enel to Eni – would like to choose the future number one of the oil giant within ENI itself, and that, for now less strong, of those who foresee some variant to leave behind the shadows that the legal proceedings have also projected on a part of the first managerial line of the group. In this second case the most popular name is that of the young CEO of Snam Rete Gas, Marco Alverà, who is an external manager but who knows ENI well as he was Scaroni's trusted assistant and group operating manager. Then we need an external president who, with his authority and his knowledge of Eni, acts as guarantor of the new course, but there aren't many around.

If, in one case or another, an inevitable turnaround is expected for Eni, the current status of the procedures concerning the renewal of top management is quite different. Enel, Terna, Leonardo, Poste Italiane and Enav. Here they are the results of the financial statements and the Stock Exchange speak for themselves and they talk in favor of a general confirmationExcept some possible news at the level of presidencies, as it seemed was already going to happen in recent days for Terna when the hypothesis of a candidacy for the Umbria Region – later returned – of the president of the electricity grid, Catia Bastioli, a manager esteemed both by Matteo Renzi, who proposed her to his time, that from the Pd and lately also from Beppe Grillo.

ENEL

However, the case of Enel, where a very squealed appreciation of Renzi, in his recent interview with Repubblica, to the ad Francesco Starace it seemed more a kiss of death what a real support. Rumor has it that Renzi, who 5 years ago discovered and appointed Starace as CEO and Patrizia Grieco as president of Enel, is jealous when he saw Starace having a close dialogue with the Five Stars and with the then Minister of Economic Development and Energy Luigi Di Maio. But Starace is the pioneer of renewables and has its side extraordinary results not only in terms of balance sheet and dividends but also on the Stock Exchange, where Enel has surpassed and outclassed Eni in capitalization. How can you not confirm someone like this, who Pd and Five Stars, like Renzi originally, have always shown to hold in great consideration? It would not be surprising that, alongside Starace, he came confirmed to the Grieco presidency, who with his expertise in matters of governance and his sobriety has contributed not a little to giving stability to the top of the electricity group.

TERNA

The balance sheet and Stock Exchange results speak in favor of Luigi Ferraris, who driving by Terna, gave sprint and efficiency to the group in the complex electrical transition, as we saw last year on the occasion of the very rapid reactivation of electricity in the Belluno area, scourged by bad weather which massacred trees.

LEONARDO, POSTAL, ENAV

The numbers and the clever repositioning of the respective groups speak in favor of the confirmations of Alessandro Profumo at the helm of Leonardo and Alessandro Del Fante at the top of Poste Italiane as well as of Roberta Neri at the head of Enav.

But the spring of nominations is still far away and surprises are always around the corner.

However, those who maintain that this government has already given the best of itself are right, giving rise to and thereby curbing recourse to early elections and the probable triumph of sovereignty. Now, beyond the budget maneuver and the new electoral law, the maximum that this government can give is to avoid doing damage and the presence at the helm of the Ministry of Economy of a wise and competent person like Roberto Gualtieri is a good guarantee . Also in terms of nominations. Political forces permitting.

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