Revolution at the top for Saipem afterwards the alarm sounded on profits and the resounding thud (-40% in three sessions) recorded on the Stock Exchange. Eni and CDP, who respectively control 30,5% and 12,55% of the company, have decided to take matters into their own hands, inserting two managers into the governance who will guide the company in the restructuring and relaunch process.
The new organization, underlines Saipem in a note, "is functional to improve the executive capacity of projects and to complete the strategic review in progress aimed at strengthening the capital and financial structure of the group".
Passing from theory to practice, the board of directors has given the green light to the "establishment of a new general management with extensive operational and management powers" which will be led by Alessandro Clean, currently General Manager of Natural Resources of Eni (from February 7 he will be replaced by Guido Brusco), who will cover the position of General Manager of Saipem, alongside the CEO Francesco Caio. Also envisaged is the establishment of a unit aimed at strengthening the financial planning and control of job orders and other management activities. He will be driving it Paul Calcagnini, now deputy general manager and chief business officer of CDP.
In addition to the creation of the new organizational structure led by the two managers close to Eni and Cdp, the concentration of legal and negotiating activities in a corporate function within the new general management.
In this context, in Piazza Affari the Saipem stock ride a roller coaster. The shares, which started well and then deteriorated during the morning in the wake of the performance of the entire stock exchange (Ftse Mib -1,6%), immediately after the announcement regained ground, approaching parity. Then a new deterioration, with the stock losing 2,6% of its value just over an hour after the closing of the Stock Exchange.
