Home » Borsa Italiana: clash on the CEO between the two Italian and French banks. And the Democratic Party also takes the field to defend Piazza Affari

Borsa Italiana: clash on the CEO between the two Italian and French banks. And the Democratic Party also takes the field to defend Piazza Affari

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The Democratic Party also takes the field in the controversy, with an increasingly political outline, on the recent passage of the Italian Stock Exchange to the French consortium Euronext. The fact is that Euronext’s main shareholders, with 7.32% each, are the two Italian and French Casse, namely Cdp, through Cdp equity, and Caisse des Dépôts et Consignations. The CDP recently led by Dario Scannapieco, by statute, should be given the indication of the new managing director of the Stock Exchange who will take the place of Raffaele Jerusalmi. Now, the Italian Cassa, which entered Euronext’s capital with the transfer of ownership from the London Stock Exchange as part of a 491 million operation designed by former Cdp number one Fabrizio Palermo, for the leadership of the Piazza Affari company has already identified the banker Alessandro Decio (see The Press August 12).

However, this solution does not seem to meet the full favor of the French wing of Euronext, expressed in the shareholding by Caisse des Dépôts et Consignations and at the management level by the president and CEO of the consortium, Stéphane Boujnah, who for just over two months he also joined the board of directors of the Stock Exchange. The French wing of Euronext would, in fact, be more inclined to an internal solution for the leadership of Piazza Affari and in this case the orientation would be on Barbara Lunghi, who has just left the board of directors to make room for the new directors expressed by Euronext, and Giorgio Modica.

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While waiting to understand which of the two positions will prevail, and if Scannapieco’s CDP will actually succeed in getting Decius appointed, the controversy continues in politics over fears of a shift in the balance in favor of the French and cuts in Italian personnel. Among the issues at the center of the debate, there is also the role of Jerusalmi’s successor: will he be a real CEO, therefore with proxies, or will he be a “country manager”, and therefore a country manager, the latter hypothesis towards which Euronext seems to be moving, by virtue of its operating model?

If in recent months and days, on the issues, the 5 Star Movement, Lega and Fratelli d’Italia had already made themselves heard, yesterday the Democratic Party also took the field. “Borsa Italiana – wrote in a note Gianmario Fragomeli, leader of the Pd group in the Finance Committee of the Chamber – should immediately clarify the possibility of a high number of staff redundancies. Despite the reassurances, we believe it is essential that the necessary explanations about employment levels be provided as soon as possible. At the time of purchase by Euronext, ample guarantees were given to enhance the Milanese reality which now risk disappearing like fog in the sun. How are things really? We ask to know as soon as possible since we are talking about a strategic asset for the Italian economy and a wealth of professionalism of the highest level. We will also urge the government and Cassa Depositi e Prestiti to do so: worse conditions than those established at the time of Borsa Italiana’s entry into Euronext are not acceptable ».

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