Italy govt picks Scannapieco as new CEO of state lender CDP - sources (updated)

Kisses From Italy

27/05/2021 09:27

(Adds source, details, background)
    MILAN, May 27 (Reuters) - Italy's government has chosen
European Investment Bank (EIB) Vice President Dario Scannapieco
as the new head of state lender Cassa Depositi e Prestiti (CDP),
two sources close to the matter said on Thursday.
    The Italian Treasury, which controls CDP, will present the
nomination at a meeting of the state lender's shareholders later
on Thursday, who will then make the appointment official.
    Scannapieco, a 53-year-old economist, will replace Fabrizio
Palermo, whose three-year term as chief executive officer of CDP
expires this week.
    The move is part of a wider reshuffle of key positions in
state companies driven by Prime Minister Mario Draghi as the
country prepares to spend 220 billion euros ($268.47 billion) of
EU funds. 
    On Wednesday evening state-owned railway operator Ferrovie
dello Stato said it had appointed Luigi Ferraris chief executive
officer. The new CEO will have to manage around 30 billion euros
of EU funds pledged to strengthen the country's infrastructure. 
    CDP, which holds stakes in phone company Telecom Italia
 TLIT.MI  and broadband network operator Open Fiber, is set to
play a decisive role in enhancing the country's digital
infrastructure as Italy plans to spend more than 8 billion euros
of EU funds on broadband, 5G and satellite technologies.
    The 170-year-old Italian state-backed investor, which has
controlling stakes in key energy companies, has been
increasingly active in recent years to keep strategic assets in
national hands and mitigate the economic ravages of the COVID-19
pandemic.
    It invests savings made by Italians through the national
post office network Poste Italiane  PST.MI  while its debt is
not booked as part of Italy's mammoth public debt-pile.
 urn:newsml:reuters.com:*:nL8N2HL7SJ
    Scannapieco began his job as EIB vice president in 2007 and
was renewed for two terms, in 2013 and 2019. He had been touted
for the CDP job already back in 2018 but lost out to Palermo in
political negotiations among the ruling coalition of the time,
made up of the 5-Star Movement and the right-wing League.

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 (Reporting by Stefano Bernabei and Francesca Landini, writing
by Maria Pia Quaglia, Editing by Christian Schmollinger)
 ((mariapia.quaglia@tr.com; +39 02 66129638;))