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Italy's Leonardo CEO says will not break up group
July 6, 2017 / 10:28 AM / 5 months ago

Italy's Leonardo CEO says will not break up group

ROME (Reuters) - The new chief executive of Italy’s defence and aerospace group Leonardo (LDOF.MI) said on Thursday he was not appointed to the helm of the company with a mandate for breaking it up.

Alessandro Profumo, a veteran banker, was appointed to lead the state-controlled company by Italy’s government in May, replacing Mauro Moretti.

“I was not sent here to break the company up,” Profumo told journalists, in his first comments to press since taking office.

But he added the group had too many lines of business

Profumo told Reuters at the Paris Air Show that he was studying the company and sector in depth and was giving himself 100 days to set out key guidelines for the company.

Sources told Reuters that Profumo won’t want to sell assets or embark on an acquisition drive as he did as CEO at UniCredit (CRDI.MI) but rather combine lines of business that use similar industrial processes and skills to produce economies of scale.

Reporting by Alberto Sisto, writing by Giulia Segreti

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