Italy Nominates Eni CEO Descalzi for Second Term
March 18 2017 - 9:53AM
Dow Jones News
By Eric Sylvers and Giovanni Legorano
ROME -- The Italian government on Saturday made a series of
nominations for the top management of large listed companies it
controls, including confirming the chief executive of oil major Eni
SpA for a second three-year term.
Claudio Descalzi will stay on at Eni after steering the company
through a period of low oil prices that battered the company's
bottom line and led it to several multibillion-euro loses.
The executive has won plaudits from analysts and government
officials for continuing the company's exploration success, which
helped temper the economic effects of the 50% drop in the price of
crude oil in the six months after he took over and the continued
weak prices that followed.
Mr. Descalzi and the other nominees, including a new executive
to lead defense company Leonardo SpA, must be confirmed by
shareholders, but the government's large stakes ensure that is a
formality.
The government owns a third of Eni, which provides the country's
coffers with about EUR3 billion in annual dividend payments.
The nomination process at Italy's state controlled companies is
the subject of venomous debates because of their size and
importance -- together they make up around one-third of the Italian
stock market.
Write to Eric Sylvers at eric.sylvers@wsj.com and Giovanni
Legorano at giovanni.legorano@wsj.com
(END) Dow Jones Newswires
March 18, 2017 09:38 ET (13:38 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
ENI (NYSE:E)
Historical Stock Chart
From Aug 2024 to Sep 2024
ENI (NYSE:E)
Historical Stock Chart
From Sep 2023 to Sep 2024