It was a decisive day for Iren. The board of directors approved an ambitious industrial plan which envisages over 8 billion in investments and a gross operating margin of 1.8 billion by 2030. At the same time, a significant decision was made on the leadership of the group.
Paolo Emilio Signorini, the former CEO and general manager of Iren, has been relieved of his duties. According to the board of directors, the decision was motivated by the “objective incompatibility of Signorini’s work performance” with the precautionary measures to which he is currently subjected.
Dismissal of Paolo Signorini
After careful analysis conducted by the relevant committees, the board of directors decided to terminate Signorini’s contract for objective just cause. The resolution was justified by the incompatibility between his managerial role and the judicial events which see him involved in a corruption investigation, for which he has been placed in precautionary detention since May 7th. Iren specified that no sums of money will be paid in relation to the early termination of the contract.
This change in leadership comes at a crucial moment for the multi-utility, which is looking to the future with an ambitious industrial plan full of investments.
The investigation into alleged bribes to the former president of the Genoa Port Authority, Paolo Signorini, has shaken the Italian port world. According to the accusation, the entrepreneur Aldo Spinelli offered Signorini a series of personal benefits, including cash, luxury stays and other gifts, in exchange for favorable provisions on port concessions. This case also involved the president of the Liguria Region, Giovanni Toti, currently under house arrest.
Luca Dal Fabbro’s position
Following the dismissal of Signorini, the leadership of the Port Authority was entrusted to executive president Luca Dal Fabbro et al vice president Moris Ferretti. During a conference call to present the new industrial plan, Dal Fabbro reassured investors on the stability of the current management structure. He underlined how the current governance has demonstrated solidity even in previous transition phases, thus guaranteeing the continuity and stability necessary for the implementation of the plan, which envisages huge investments and sustainable growth by 2030.
Despite the turbulence caused by the investigation, Dal Fabbro conveyed confidence in the ability of the Iren group to maintain focus on the development path outlined, without immediate changes in the command structure. This line of continuity aims to reassure stakeholders of the company’s solidity and its determination to achieve the ambitious objectives of the industrial plan.
The president confirmed that both he and executive vice president Moris Ferretti will continue to lead the group until their terms expire in 2025, regardless of the appointment of a new CEO.
The board of directors therefore confirmed the organizational configuration approved in the extraordinary meeting of 7 May. The Iren group will be directed and coordinated by the executive president Luca Dal Fabbro and the executive vice-president Moris Ferretti, who have assumed the mandates and powers previously attributed to the former managing director Paolo Signorini. This confirmation guarantees continuity and stability in the leadership of the groupfundamental elements for the implementation of the new industrial plan which aims to transform Iren in the coming years.
