Main Iren shareholders to meet this week on possible new CEO - source

Iren S.p.A.

09/05/2024 12:13

MILAN, May 9 (Reuters) - The main shareholders in
Italian utility company Iren  IREE.MI  will meet by the end of
the week to discuss the possible appointment of a new CEO after
the current one was arrested as part of a corruption
investigation, a source said.
    Paolo Emilio Signorini, who became Iren CEO last year, was
held in custody on Tuesday on corruption charges related to his
previous role as head of the Ports of Genoa Authority.
    The company held an emergency board meeting the same day
revoking Signorini's powers and handing them to the chairman
Luca Dal Fabbro, and the deputy chairman, Moris Ferretti.
    The main investors - the members of the Iren shareholders'
pact - are the municipalities of Genoa, Turin and Reggio Emilia.
    Their mayors will meet this week, according to a political
source, to discuss the situation, waiting to learn whether
Signorini will resign after being suspended from his office.
    According to the shareholders' agreement, it is up to Genoa
to propose the CEO as the majority shareholder, while Turin
nominates the chairman and Reggio Emilia the deputy chairman.
    Regional multi-utility Iren is scheduled to release its
first quarter results on May 15 and its new business plan in the
following weeks. 
    On Thursday Iren's shares, after falling in the last two
sessions, were recovering some lost ground and rose 0.67% to 
1.80 euros at 1040 GMT. 
 

 (Reporting by Giancarlo Navach, writing by Francesca
Piscioneri, editing by Keith Weir)
 ((francesca.piscioneri@thomsonreuters.com; 0680307713;))