(Alliance News) - Enel Spa CEO Flavio Cattaneo is considering appointing new top management at the company, with posisible replacement of Chief Financial Officer, Alberto De Paoli, according to Bloomberg News informed sources.

Just over a month after being appointed to lead the country's largest utility, Cattaneo is pondering ending De Paoli's nearly decade-long tenure as CFO. De Paoli will likely remain with the company in a senior management position, according to sources, who asked not to be named.

A final decision is not imminent and negotiations are ongoing as Cattaneo is still weighing options, according to sources.

Stefano De Angelis, former CEO of TIM Brasil SA , is seen as the best candidate for the CFO role, the sources said.

An Enel spokesperson said that no decisions have been made at this time regarding appointments or changes in the company's top management.

De Paoli has been responsible for managing and overseeing the latest business plan and initiating or completing EUR11 billion in asset sales since the first quarter of this year. This helped reduce the company's net debt to EUR58.9 billion at the end of March.

De Paoli was appointed by former Enel CEO Francesco Starace in 2014. Starace was replaced by Cattaneo in May following an appointment by the Italian government, Enel's largest shareholder with a stake of about 24 percent, which was challenged by some international investors.

A change in management could also involve other positions, including senior roles in some units, sources said.

Enel's stock is down 1.3 percent at EUR5.94 per share.

https://www.bloomberg.com/news/articles/2023-05-30/enel-ceo-waves-cfo-replacement-in-management-shakeup#xj4y7vzkg

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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