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(Bloomberg) — Italy’s government is nearing decisions on who will lead major state-backed companies worth about €250 billion ($287 billion), with shakeups expected at some of the firms.
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The list of companies with board chairs and chief executive officers whose terms are set to expire by May include energy and defense groups Eni SpA, Enel SpA and Leonardo SpA. Changes are under consideration for Leonardo, Bloomberg reported on Saturday.
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The government of Prime Minister Giorgia Meloni is set to confirm Claudio Descalzi for another term as CEO of Eni, the oil-and-gas company that plays an outsize role in Italian foreign relations, as well as Matteo Del Fante at state-controlled Poste Italiane SpA, people familiar with the matter said.
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Decisions on other CEO roles remain under discussion and haven’t been finalized, the people added, asking not to be named before deliberations are concluded.
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The choices will offer insight into Meloni’s priorities for strategic sectors, and play a key role in shaping the 49-year-old premier’s economic agenda as she seeks a second term. The stakes have risen with a war in the Middle East that’s jolted energy prices and put pressure on defense companies to meet rising needs in Europe.
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Meloni’s government is due to announce the choices at six major state-backed firms as soon as this week, capping weeks of negotiations within her ruling coalition, people familiar with the matter said.
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The premier is leaning toward changes, with the board chairs at all six companies potentially being replaced, the people said. Talks are ongoing regarding these roles, they said.
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The companies include Enel, Eni, Leonardo, Poste, grid operator Terna SpA and air traffic control Enav SpA.
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A spokesperson for the government declined to comment, as did representatives at energy utility Enel, Leonardo, Poste, Terna and Enav. Eni declined to comment “on decisions that are up to our shareholders.”
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Political Reset
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The leadership changes under consideration would add to a broader political reset by Meloni after a bruising defeat last week in a referendum on judicial reform.
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The loss has weighed on Meloni’s Brothers of Italy party in opinion polls, while adding a new dimension to talks on the executive appointments with Matteo Salvini’s League and Antonio Tajani’s Forza Italia.
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State entities own large stakes in a number of Italian companies. Government nominees ultimately require shareholder approval.
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The government has called for a confidence vote this week on an energy package which has already been approved by the cabinet, in a bid to reinforce her grip on power.
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A general election will take place in Italy before the end of 2027, so the new executives or ones whose three-year contracts are renewed will remain in place under Italy’s next government.
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—With assistance from Flavia Rotondi, Daniele Lepido, Alessandra Migliaccio and Donato Paolo Mancini.
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