Leonardo Board Shrugs Off CEO’s Jail Sentence, Will ‘Monitor Developments’

Leonardo: Meeting of the Board of Directors, Continuity of Company Operations in Relation to the First Instance BMPS Judgment

(Source: Leonardo; issued Oct. 20, 2020)

ROME --- Leonardo’s Board of Directors, which convened today, was provided with comprehensive information on the potential effects resulting from the first instance judgment in the trial of the Monte dei Paschi di Siena.

The presentation of the analysis, which also took into consideration the different reference markets of the Group, has showed an overview of the situation that does not involve specific limitations of company operations.

The Governance Committee was entrusted with the task of monitoring and analyzing every potential development of the matter, keeping the Board informed.

(EDITOR’S NOTE: The above statement carefully avoids mentioning that Leonardo’s CEO, Alessandro Profumo, was convicted on Oct. 15 “at the end of a long-running false accounting case” to six years in jail for his role as chairman of the Monte dei Paschi di Siena bank.
Two other former bank officials were also convicted, and all plan to appeal, Reuters
reported from Milan.
Italy’s 5 Star Movement, a member of the governing coalition, on Oct. 16 called for Profumo’s resignation in a post on its Twitter account: “In light of the sentence received, we expect Alessandro Profumo, in the interest of the company,” to resign as Leonardo's CEO.)

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Italy's 5 Star Movement Says Leonardo CEO Should Resign after Monte dei Paschi Ruling (excerpt)

(Source: Reuters; published October 20, 2020)

MILAN --- Italy's ruling 5-Star Movement called on the head of defence and aerospace group Leonardo to step down after he was found guilty of false accounting in his previous role as chairman of Banca Monte dei Paschi di Siena.

Alessandro Profumo was one of three former Monte dei Paschi executives convicted on Thursday of not correctly booking derivative transactions which prosecutors said helped the bank hide losses in one of Italy’s biggest financial scandals.

“In light of the conviction, we expect that Alessandro Profumo will resign as CEO of Leonardo in the interests of the company,” a message on a 5-Star twitter account said.

Leonardo, formerly known as Finmeccanica, backed Profumo on Thursday, saying “conditions did not exist” for him to resign. Shares in the state-controlled group, in which the Treasury holds a 30% stake, dropped 3.7% in early trading in Milan. (end of excerpt)

Click here for the full story, on the Reuters website.

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