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Italy names new CEOs to top state-backed firms

April 14, 2014

MILAN (AP) — Italy’s government has named new CEOs to four strategic state-backed companies, including oil giant Eni and Finmeccanica defense contractor, sweeping aside current executives.

The nominations signal renewal at some of Italy’s most important publicly traded companies. Premier Matteo Renzi on Monday proposed limiting chairman salaries to 238,000 euros ($329,000), but did not address the contested issue of CEO salaries. The government also nominated boards for the firms, raising the quotient of women to nearly one-third.

Claudio Descalzi, currently Eni chief operating officer, will replace Paolo Scaroni as Eni CEO.

At defense contractor Finmeccancia, Mauro Moretti, currently head of the Italian Railway, will take over as CEO of the scandal-plagued enterprise.

The government also named new CEOs for Enel power company and the Italian postal service.

Shareholders must approve the nominations.

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