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ITA Airways: capital increase of 400 million

Towards a reduction of the BoD, ordinary management in the hands of CEO Lazzerini

The shareholders' meeting of the Italian airline ITA Airways took two important decisions yesterday. The first is that the number of board members will be reduced. Secondly, the Ministry of Economy and Finance (Mef), the 100% sole shareholder of the airline, has ordered that at the end of November there will be a capital increase of 400 million euros, already approved by the antitrust of Brussels.

The current BoD remains in office until November 15, when the shareholders' meeting will appoint the new board. Meanwhile, yesterday the modification of article 10 of the Statute was authorized which provides for the reduction of the number of board members (from three to nine), which according to press sources could pass to five members: three in the ministerial quota (Mef, Mims, Mise), the managing director, and the president.

Finally, after the resignation of the executive chairman Alfredo Altavilla, from whom the board had already removed the executive powers, the ordinary management of the airline is entrusted to the CEO, Fabio Lazzerini. For its part, the Executive took a week to screen all the candidates to fill the seat. And the privatization process continues, with the two interested consortiums (US investment fund Certares, and Msc-Lufthansa) working on a new binding offer.

Gic - 1247842

AVIONEWS - World Aeronautical Press Agency