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This article was published September 18, 2015 at 14:28.
The last change is the 18 September 2015 at 16:19.
The new license plate Alitalia Etihad has already lost the first CEO, less than nine months from ‘bringing into use. This does not differ much from the customs of the preceding administrations, or by Cai of Captains Courageous, nor by the old Alitalia public, in which CEOs alternated frequently.
The departure of Cassano for “personal reasons”
The sudden resignation of Silvano Cassano, according to an official statement of Alitalia, they are due to “personal reasons”, but the departure of manager is more likely to be related to difficulties of the company. There would be differences in the summit chaired by Luca Cordero di Montezemolo, discontent among members and strong dissatisfaction of James Hogan, Etihad’s number one and vice president of Alitalia, with a 49% stake, is the single largest shareholder of Alitalia Besides being the only craft. The 51% stake is the Midco, wholly owned by the old Cai, now with more than 20 shareholders, often quarrelsome and divided. This company also belong the big banks Intesa and Unicredit and the State, through the Italian Post Office.
Developments in the red for the new Alitalia
The financial review of the new Alitalia is in red. The plan foresees a deficit this year and in 2016 and earnings in the third year, 2017. But the results, according to rumors, would be worse than expected, although officially the leaders, in recent months, said the results They are in line with expectations. This year’s plan includes an operating loss of 160 million euro and a net loss of 203 million euro. In the first three months of the year, only official data available on the accounts, there was an operating loss of EUR 202.4 million and a net loss of 100.1 million euro. The first quarter is one of the worst periods of the year for air transport, together with the fourth quarter, but it must be said that the net loss for the quarter would have been higher had it not been accounted a maxiplusvalenza for sale to Etihad’s 75% of the program Mille Miglia.
Potential conflict of interest
The situation has worsened since May 7 with the fire at Terminal 3 of Fiumicino, the main airport of the company. The restrictions on the activities of the airport continued until the end of July, when a second fire in the pine forest near the airport caused further disruption. Alitalia said it had suffered damage to 80 million euro from the limitations of Fiumicino and urged the company Aeroporti di Roma to make planned investments otherwise – said the company – could downsize its presence in Rome. This has triggered a controversy with Aeroporti di Roma (ADR), controlled by the Benetton Group, which is also a major shareholder in Alitalia after Etihad, and banks Intesa Sanpaolo and Unicredit. A position of potential conflict of interest that does not favor a clarification in relationships.
Etihad confirms strong partner of the company
Behind the skirmishes with ADR There are, however, the difficulties in the performance of the company, which in recent months has spent heavily in advertising and communications. In late August Hogan went to the Rimini Meeting for Alitalia to say: “Twelve months later I can say it was a good investment, we won challenges and still have many challenges to face, but we have chosen the right path, It was a great start. ” Now came the resignations of Cassano, who had been given just by Hogan, which was before the acquisition was a consultant to prepare the business plan. The board has the powers assigned to President Montezemolo, while “skills for the operations of the business – said Montezemolo – will be divided” between the director Giancarlo Schisano operations and finance director Duncan Naysmith. The latter is an Australian manager expressed by Etihad. Just to clarify who the strong partner of the company.
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