Ansaldo Energia, CEO Marino leaves. The unions are on the alert
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The Ansaldo Energia dispute is back in troubled waters. Giuseppe Marino has resigned from his position – even if he will remain at the helm of the company until next March 31 – to return to Hitachi Rail (of which he had already been chief operating officer Italy), where he will assume the role, unprecedented for an Italian manager, of group ceobased in London.
And the unions express strong concerns about this new development, which they interpret as a choke on the recapitalization path of the company 88% controlled by CDP, which was the only shareholder to subscribe to the 400 million capital increase in 2020 and paid another 35 million in October 2022.
Return to profits and relapse
After a return to profits in 2021, Aen recorded a negative economic result of 442 million in the first half of 2022, with rising net debt and a balance sheet that paved the way for the application of article 2446 of the code civil (capital reduction). A situation that sparked strikes and protests by workers last autumn.
In November 2022, the group’s board of directors defined the guidelines of the capital strengthening proposal, which envisage, among other things, a capital increase of around 550 million euros, including the conversion into equity of the shareholders’ loan disbursed by Cdp Equity, both as regards the share capital, equal to approximately 200 million, and for the interest accrued, equal to approximately 50 million.
“Recapitalization by March 31st”
The board of directors of Aen, which met in the last few hours, in a note, “acknowledged Marino’s resignation”; and communicated that he had “completed the work on the industrial plan” which “can be finalized once the financial maneuver object of discussions with creditors and shareholders has been defined”. The note also explains that Marino “will continue to work on the finalization of the financial manoeuvre”. By 31 March, however, “the new CEO must be identified”.
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