Francesco Caio leaves the leadership of Saipem. In his place was appointed Alessandro Clean who, in addition to sitting on the chair of managing director, will also maintain the position of general manager, taking over all the powers previously assigned to Caio.
The resignation of Francesco Caio and the appointment of Alessandro Puliti
During the last Saipem board meeting, Francesco Caio resigned, with immediate effect, from the positions of member of the board of directors and general manager, thus relinquishing all powers. Caio considered "completed - with the result of the half-yearly - his contribution to the reorientation and relaunch of society". Saipem announces it through a note.
At the same meeting, Alessandro Puliti was unanimously appointed CEO of the company. Puliti will also keep the position of Dg.
The role of Caio ad in the backlog review
“The board of directors unanimously thanks Francesco Caio for the work carried out in a complex context, recognizing his commitment to implementing the necessary strategic and organizational changes to lead the Company towards a new phase of relaunch", reads the note from the company which underlines how the board has also "acknowledged that Francesco Caio contributed to react to critical issues emerged during the backlog review launched by the management in relation to the orders acquired in recent years, a backlog review which highlighted, due to the persistence of the pandemic context and the increase in the costs of raw materials and logistics, a significant deterioration in the economic margins lifetime of some projects”.
In fact, we recall that Saipem has recently concluded, not without difficulty, a capital increase with market participation at 70%.
To the former Ad severance pay of 3,3 million gross
Saipem also clarifies that Caio has the right to a severance pay of 3,3 million gross. The amount will be divided as follows: 650 thousand euros as notice, 1,95 million as an incentive to leave and 700 thousand euros as a non-competition and non-solicitation agreement. The total amount will be paid within one month of termination of employment.
Saipem on the Stock Exchange
Following the announcement of Caio's resignation, Saipem shares opened the session with an increase of 1,5%. In the following hours, however, the stock lost ground and at 12 loses 1,73% at 0,704 euros per share.
