Railways: the board of directors resigns, Mazzoncini on pole for the hypo – Milano Finanza

The Board of Directors of Railways has just resigned. The company announced in an official note. A meeting for the appointment of the new board will be convened as soon as possible. The decision was in the air and this morning was called the board of the company after the acceleration from Palazzo Chigi to impose an early termination of the mandate of the group led by Michele Elia.

Leading the stock exchange 40% of FS will therefore be a new management team. Elijah’s successor could be Renato Mazzoncini, current CEO of Busitalia, a subsidiary of Railways: in 2012 he made an agreement with the mayor of Florence, Matteo Renzi for the privatization of the local tram.

It ‘exploded, then, the rift between the leaders, in particular the CEO, Michael Elias and the government, the majority shareholder through the Treasury. A situation considered too complicated in view of the privatization of the company.

It seems, according to media reports, that a week is the Elijah that the president, Marcello Messori, had been invited to step back on specifically directed by the President of the Council, Matteo Renzi. But also by the manager there would be no intention to give way, as the company will close the financial year with 500 million euro profit and plan to open up the market is just beginning. That’s why the only way to impose the will of the shareholder would be the step back the entire board of directors in order to allow the renewal of the top.

Inside the old board it seems there was affinity of views between Elijah and Messori on the valuations of the assets of the company in view of its listing. Messori would present a plan to the board of directors, then he remained a dead letter, in which the high-speed services, the property portfolio and the company Grandi stations would be put on the market for a minority stake, leaving the rest, or the historic railway network, Fs in.

Today it is still unclear what assets Sarano inserted by Fs in view of the IPO. Such a division between a president and apparently was not considered appropriate by Premier Renzi who pushed for a replacement of the entire board.