AgustaWestland parent swiftly replaces arrested Orsi

AgustaWestland parent swiftly replaces arrested Orsi

14-Feb-2013 Source:

Only 24 hours after Finmeccanica confirmed (see AgustaWestland – Orsi and Spagnolini arrested) that both the present and immediately past CEO of AgustaWestland had been arrested on alleged fraud charges, the parent company issued the following statement

“The Board of Directors of Finmeccanica, which met today, confirms that the Company is fully operational, and has resolved to confer to Mr Alessandro Pansa, the powers and duties previously held by Mr Giuseppe Orsi, insuring comprehensive management of the Company and the Group. Mr Pansa will exercise these powers under the title of Chief Executive Officer and Chief Operating Officer. 

The Board also resolved to confer the role of Vice Chairman to Admiral Guido Venturoni, the most senior member of the Board and Lead Independent Director.

Lastly, the Board resolved to convene the Shareholder Meeting on the 2nd of April at the first call and on the 15th of April at the second call, in order to complete the composition of the Board.”

What the statement overlooks is to note that Mr Pansa was previously “Chief Financial Officer and Chief Operating Officer”, so this is not a new appointment, merely an approval that an existing director will take on the CEO mantle at least while the fraud allegations are worked through.

Jeremy Parkin –

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