home  › Markets

Poste renews its executive team to get ready for privatization

by Laura Serafini

State-owned Poste Italiane is renewing its executive team, which will steer the postal system’s privatization slated to take place by year end. CEO  Francesco Caio, appointed last spring, launched a management shakeup at the beginning of January as the government moves forward with plans to sell part of its stake. The most significant new face is the CFO, a key figure for a company on the eve of its debut on the Italian Stock Exchange in Milan.

Caio has chosen Luigi Ferraris, former Enel’s CFO and had of the power company’s South American activities. He is going to replace Luigi Calabria, the CFO who Caio had handpicked last year from Finmeccanica. Calabria will not leave Poste, but he will deal with specific M&A issues , reporting directly to the CEO. Poste’s board will ratify Ferrari's appointment today.

Another change is expected in the Information Services, to lead which, last summer, Caio appointed Anna Pia Sassano (once a Revenue Agency official who had worked with him on the Digital Agenda project.)

It is an important position, given Caio’s development plans: one of its is to develop digital purchases and e-commerce. Sassano’s office will be taken over from Giuseppe Dallona, now the general manager of Ubi Sistemi Informativi.

More management changes may be under way, affecting Bianca Maria Martinelli, the head of another crucial sector —institutional relations and regulation affairs. Martinelli is in charge of the negotiations with the Communications Authority and the Ministry of the Economic development to agree on the new rules and prices, and the terms of the new contract to be signed (as per the Italian government’s commitments with the European Commission) by the end of March.

Until these talks are over, Caio will have a hard time mapping out the company’s business plan forecasts.

It was in this context that last week a meeting was organised at the Ministry of Finance, with Caio and his advisors, to jump-start the privatization. The Ministry underlined its interest in the listing of the company by the end of the year. Time will tell whether it is going to happen.