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CIR energy unit picks ex-Telecom Italia executive as new CEO
July 17, 2013 / 3:32 PM / 4 years ago

CIR energy unit picks ex-Telecom Italia executive as new CEO

MILAN, July 17 (Reuters) - Italian energy company Sorgenia appointed Andrea Mangoni, ex-head of Telecom Italia’s South America business, to take over as chief executive this month, the company said on Wednesday.

Sorgenia is hoping to capitalise on Mangoni’s energy sector experience. He worked at Italian regional utility Acea, for around 13 years before joining Telecom Italia in 2009.

Sorgenia is the biggest asset controlled by Italy’s De Benedetti family through its holding company CIR. Austrian energy group Verbund also owns a stake.

The company is aiming to boost margins and shrink a 1.787- billion-euro ($2.35 billion) debt pile by selling non-core businesses, cutting costs and renegotiating long-term gas contracts.

$1 = 0.7612 euros Reporting By Isla Binnie; Editing by Louise Heavens

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