Italy's New Premier Renzi Names State-Controlled Company Heads

By Liam Moloney 

ROME--Italy's new premier Matteo Renzi Monday named a slate of bosses at Italy's biggest state-controlled groups, in one of the first tests of his promise to deliver economic change.

Mr. Renzi, who swept to power in February, announced the names of new chief executives at Eni SpA and Enel SpA, among the country's biggest companies by market capitalization, as well as key groups such as defense group Finmeccanica SpA, and Italy's post office, which is slated for privatization later this year.

At Eni, one of Europe's biggest oil and natural gas companies, longtime Chief Executive Paolo Scaroni will be replaced by Claudio Descalzi, currently the group's No. 2 executive as the head of exploration and production. Businesswoman Emma Marcegaglia will replace Chairman Giuseppe Recchi, a former General Electric Co. executive who is expected to become chairman of Telecom Italia SpA.

At Italy's former utility monopoly, Enel, Francesco Starace, 58 years old, a longtime executive who heads renewable-energy company Enel Green Power SpA, will replace Fulvio Conti, 66, who had hoped to receive a fourth three-year term.

The government is the biggest shareholder of Eni and Enel, with stakes of 30% and 31% respectively, giving it the power to nominate the boards. The companies' shareholders will approve the nominations next month.

The government named Francesco Caio as new chief of Italy's postal service, Poste Italiane SpA, which is entirely controlled by the state, replacing Massimo Sarmi.

Mr. Renzi appointed Mauro Moretti as new chief of Finmeccanica, replacing Alessandro Pansa, who took the help only last year in the wake of the arrest of his predecessor as part of a bribery investigation. Chairman Gianni De Gennaro was reconfirmed.

Write to Liam Moloney at [e-mail]

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