Saipem (MIL: SPM) has announced the appointment of a new chief executive after incumbet Francesco Caio resigned with immediate effect.
Industry veteran Alessandro Puliti has received unanimous backing from the Italian offshore contractor’s board to take up the reins.
He will also continue in his current role as general manager of the group, which employs 30,000 people.
Objective complete
It was announced by Saipem on Wednesday that Mr Caio would be stepping down immediately as CEO as he considered his goal to “reposition and relaunch the company” complete.
© Supplied by SaipemThe board unanimously thanked him for his work in “such a complex context” and acknowledged his commitment to implementing the necessary “strategic and organisational changes”.
Mr Caio was appointed CEO in May 2021 after having served as Saipem’s chairman, a position he also held at airline Alitalia.
Profit warning
Pressure was put on him by shareholders earlier this year after a surprise profit warning sent the oilfield services firm’s shares to their lowest since 1992.
Eni and Cassa Depositi e Prestiti, which own a combined 43% of Saipem, launched a review of their options concerning the company.
The primary driver behind Saipem’s profit warning is a huge loss on a contract to supply wind-turbine foundations for the Neart na Gaoithe wind farm, off the east coast of Scotland.
And in March the group set out a plan to raise a financing package as it revised down margins associated with eight projects.
Mr Puliti
Born in Florence, Mr Puliti joined Agip’s reservoir department in 1990 as a reservoir geologist and was involved in studies in Africa and Italy.
© Supplied by SaipemHis international professional career started in 1998, when he moved to Aberdeen to fill the position of assistant operated asset manager of Agip UK.
During his career he also worked for Italian supermajor Eni and Egyptian firm Petrobel.
Another board resignation
In addition to Mr Caio’s decision to step aside, Saipem’s board also acknowledged the resignation of non-executive and non-independent board member Pier Francesco Ragni.
Mr Ragni, who was appointed as a board member just last yaer, left the company due to “due to new upcoming professional commitments”.
Saipem has thanked him for his work.