Enel CEO Candidate Aims to Cut Costs, Confirm Dividend Plan
- PM Meloni chose veterans Cattaneo, Scaroni to lead utility
- Italian company needs to slash debt with asset disposals
This article is for subscribers only.
Italy’s largest utility Enel SpA plans to accelerate cost cuts and maintain its dividend policy under controversial new management chosen by Italy’s rightwing government, people familiar with the matter said.
Prime Minister Giorgia Meloni proposed industry veterans Flavio Cattaneo and Paolo Scaroni as Enel’s next chief executive officer and chairman respectively, as part of a broader shake up of state controlled companies. In an unprecedented move, activist investors led by UK fund Covalis challenged the “opaque process” behind the government’s choice and presented an alternative slate of independent candidates.