Management Reshuffle At Finmeccania To Increase Internal Surveillance

In what appears to be a response to the Indian bribery allegations, Finmeccanica has nominated Daniele Romiti as Chief Executive Officer of AgustaWestland N.V., replacing Bruno Spagnolini under whose leadership the bribery allegations surfaced.

The change is part of a major management reshuffle effected yesterday by the company board under the chairmanship of Vice Chairman Admiral Guido Venturoni.

The Board of Directors unanimously agreed to increase the number of Surveillance Body members up to a maximum of five, and centralised the Group’s Internal Audit activities, in order to exercise a more direct and incisive internal control over the correctness of the processes adopted by the Group companies.

They also shared the new organizational structure of Finmeccanica S.p.A, proposed by the Chief Executive Officer and Chief Operating Officer Alessandro Pansa, aiming at its simplification to achieve the best operating efficiency. And approved the centralisation of the Group’s indirect procurement, including ICT procurement and insurance policies, for these latest a competitive process will be activated.

“Finmeccanica is determined to continue with the implementation of the restructuring plan of the Group, in particular in some areas of activity, in order to achieve a significant and sustainable recovery of profitability and the ability to generate cash flow,” according to an official statement.