Former Leonardo CEO Moretti Cashes in Over $10 Million on ExitBy
Aerospace group had 2.5 billion euros in first-quarter sales
Shareholders approved Alessandro Profumo as new company CEO
Mauro Moretti, the outgoing chief executive officer of Leonardo SpA, will pocket more than 9.3 million euros ($10.3 million) after he leaves the Rome-based company this month.
The aerospace company said in a statement Wednesday that Moretti will not be bound by any non-competition clauses.
Italy’s government, which controls Leonardo, recently nominated chief executives for three-year terms at a string of state-controlled businesses. While top managers at companies including Eni SpA and Enel SpA were confirmed, prominent Italian banker Alessandro Profumo was appointed to replace Moretti at the helm of Leonardo. Profumo was paid about 40 million euros when he left lender UniCredit SpA in 2010.
Moretti joined Leonardo in 2014 from state railway Ferrovie dello Stato SpA. At Leonardo he had a dual role as CEO and general director.
Moretti led Leonardo through a restructuring process that included a re-branding of the company, previously known as Finmeccanica SpA, but his conviction in a case involving a fatal train crash during his tenure put his reappointment in doubt. Moretti has denied wrongdoing and still has two levels of appeals in the case.
Leonardo reported net income of 78 million euros in the first quarter and confirmed its 2017 guidance.