(Alliance News) - Chaos at Terna Spa, judging from the La Repubblica piece on Thursday that reconstructs an internal board clash, with the CEO, Giuseppina Di Foggia, dismissing the Chief Financial Officer, Agostino Scornajenchi, and Corporate Affaris director, Giuseppe Del Villano.

As reported by La Repubblica, Di Foggia ordered the removal of the CFO without, however, having appointed a replacement, and this situation has created turmoil within the government, with the Minister of Economy and Finance, Giancarlo Giorgetti, and Palazzo Chigi calling on the CEO to appoint a CFO as soon as possible.

As reconstructed by La Repubblica, Di Foggia reacted by threatening to resign, which, however, has not come at the moment. In the evening of today, the company's board of directors is expected to meet to review the situation and consider possible replacement proposals. The CEO is trying to find outside new management figures by leaning on headhunters, foremost among them, Aurelio Regina of Egon Zehnder.

"Del Villano was a loyal follower of Stefano Donnarumma, the previous CEO of Terna, who for months had been pushing to become Enel's Ad. But the government preferred Flavio Cattaneo to him, and for Donnarumma, at that point, the doors of Terna also closed, as Meloni was desperate to appoint a female manager at the top of a public listed company. For the selection, she relied on her sister Arianna, a friend of Di Foggia's who, in her previous job, was Ad of Nokia Italia," the newspaper writes.

"If Di Foggia, after only three months, were to leave Terna, it would be a damage to her image and a hard pill to swallow first of all for Meloni since the manager was the only one to have been chosen directly by the premier."

Terna's stock is down 2.8 percent at EUR7.31 per share.

https://www.repubblica.it/economia/2023/08/03/news/alta_tensione_in_terna_di_foggia_silura_i_top_manager_senza_nominare_i_sostituti-409869499/#:~:text=La%20ad%20Giuseppina%20Di%20Foggia,corporate%20affairs%20Giuseppe%20Del%20Villano.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter.

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