The Italian government of Giorgia Meloni has proposed this Thursday the renewal of the management leadership for some of the main public companies in the country, among which the replacement of the entire leadership of Enel, owner of 70% of the Spanish Endesa, stands out. Meloni's position in the European energy framework could stop Enel's and also Endesa's accelerated commitment to abandon the gas business that until now had been established by the outgoing directive.
Starting next May 10, the day Enel celebrates its board of directors, Paolo Scaroni, who was Enel's CEO between 2002 and 2005, was the company's CEO, will on this occasion take over the position of Chairman while Flavio Cattaneo will replace to the current chief executive and head of the entire strategy of the Francesco Starace group. The Italian Government has also appointed Alessandro Zehenter, Johanna Arbib Perugia, Fiammetta Salmoni and Olga Cuccurullo as directors.
Beyond the direct changes that this renewal of leadership may have at Enel, the repercussions also threaten to reach Spain. Francesco Starace, the outgoing CEO, was also Vice President of Endesa because what his dismissal also implies is a change in the face of Endesa's corporate governance, since his post should be replaced by, in principle, the new CEO Flavio Cattaneo a manager with 59 years of outstanding international technical experience who until now held the position of executive vice president of the railway operator Italo.
Starace was CEO of Enel since 2014 and was the one who took the reins of the Spanish Endesa as soon as the Italian takeover bid for the Spanish company succeeded after a strong confrontation to gain control. He has been the one who has marked the strategy of both electric companies to disinvest in the fossil energy businesses, especially gas and focus their commitment to renewables. The strategic plan of both utilities reflects a commitment to exit the gas business before 2040, ten years before the objectives set by the European Union.
"Meloni's strategy in energy matters involves aligning with the European Union's greendeal that marks that exit for the year 2050, with which a change could be made in this regard," they point out from the Spanish company.
In any case, Endesa does not expect any change in strategy until November, the month in which both Enel and Endesa usually present their roadmaps for the new year to the market. "The logical thing is that until that moment what was announced on November 24 will continue to be maintained," they say.
In the field of corporate governance of the Spanish company, the possibility of Starace's departure had been considered since Meloni's arrival in power. In fact, Endesa's own CEO, José Bogas, whose mandate is renewed until 2026, showed his support for the renewal of Starace at the helm of Enel, although he also acknowledged that never before had an Enel CEO renewed his mandate for more than three times.
Endesa, which is holding its shareholders' meeting this coming April 28, does not plan to include changes in the agenda in which it will put to a vote the re-election of Juan Sánchez Calero, its current president, and the directors Ignacio Garralda, Alberto de Paoli and Francisco de Lacerda. It remains to be seen if after the renewal of positions at Enel, as of May 10, the Italian company chooses to change the current directors it maintains in the Spanish company.
