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Fincantieri: Giordo fired by Bono without just cause

Removed shortly before end of his tenure, ball passes to new CEO

Giuseppe Giordo has been officially dismissed without cause. He no longer holds the post of general manager of the Fincantieri Group's Naval Ships Division. The decision was formalized on Friday, May 6, in a letter signed by the now former CEO Giuseppe Bono. It is difficult to fully understand the motivations behind such a move, which opens an intricate issue left in the hands of the new CEO, Pierroberto Folgiero

Especially since in the farewell video-message released yesterday, Bono made it clear that he would be willing to return and that whoever comes for the consolidation of the Fincantieri Group will do so for his own interest. A "pretty clear message" and "directed precisely to his successors", writes the Italian newspaper "La Verità". Not only that. Irregularly, the day before he left office, on May 11, the former CEO made some appointments: Giuseppe Cannizzaro (general counsel Legal and Corporate affairs), Massimo Nelei (Group treasury & Corporate finance). Among the new additions there is Dario Deste (general manager of naval ships), that replaced Giordo, and Deste entrusts additional duties to Cristiano Pasanisi (Management Direction), husband of Emanuela Bono, daughter of the outgoing CEO.

And so the circle comes full circle. The corporate move opens room for possible legal action by Giordo. The manager could challenge the notice of dismissal without "just cause". In short, in addition to the severance pay, compensation could also come for him. For Fincantieri, however, an image damage that will have to be managed as best as possible. 

Influencing Bono's choice is almost certainly Colombiagate, the deal that featured Giordo, as well as former Prime Minister Massimo D'Alema as a mediator, in the blurred 4 billion euros sale of military assets built by Fincantieri and Leonardo. What prevails in the reading of events, however, is Bono's institutional snub. 

As if to downplay such an important day: Monday, May 16. Day on which Fincantieri's board meets to ratify the appointments of Claudio Graziano as new chairman and Pierroberto Folgiero as CEO. Top executives, including Giordo's replacement, will also be appointed. 

On this topic see also the article anticipated and published by AVIONEWS.

Gic - 1244424

AVIONEWS - World Aeronautical Press Agency