Immediate resignation for Francesco Caiothe CEO of Saipem, the company that has recently completed a troubled capital increase with 70% market participation and a recovery of operating profitability for a half year.
The resignation of Francesco Caio in the last board of directors
During the company’s last board of directors, Caio took a step back from his positions as a member of the board of directors and CEO, thus putting all his powers back. A note specifies that the manager considered “completed – with the result of the half-year – his contribution to the reorientation and relaunch of the company”.
In the same note, Saipem announces that the board has unanimously appointed as CEO Alessandro Clean (who maintains the current position of general manager), attributing to him all the powers previously assigned to Caio.
Saipem and the rumors of Francesco Caio’s resignation
Earlier this month, rumors had already circulated of a possible step backwards for Caio. On 10 August, however, a spokesperson for Saipem told theAnsa, after the press rumors, that Caio has not signed any agreement to leave the group. The rumors said that the manager could have left in September to pass the baton to CEO Puliti, who supported him on Eni’s recommendation in finalizing the financial maneuver to make up for the 2.4 billion euro deficit in 2021.
Saipem’s note: Francesco Puliti new CEO
In today’s note we read that “in the context of the termination of the relationship of Chief Executive Officer and General Manager of Francesco Caio” and considering the decisions of the board of directors on remuneration, “following this termination and in line with the aforementioned remuneration policies, noted that Francesco Caio is owed 3.3 million euros gross, and established, subject to the favorable opinion of the Remuneration and Appointments Committee (which in this type of transaction performs the tasks of the Related Parties Committee), that this amount is divided as follows: 650,000.00 euros by way of notice; 1,950,000.00 euros as an incentive to leave and 700,000.00 euros as a non-competition and non-solicitation agreement. Employee severance responsibilities are also recognized in accordance with the law. All amounts will be paid within 30 days from the termination of the employment relationship “.