Italian operator Eni has backed a move to replace Saipem CEO Emberto Vergine with former Saipem and Eni executive Stefano Cao.
Cao was worked at Saipem, which is 42.924% owned by Eni, from 1976 to 2000, during which time he held senior roles including CEO, chairman and chief operating officer. I 2000 he joined Eni, becoming its COO of exploration and production by 2008.
Cao is also a director of A2A SpA, the largest Italian multi-utility company. He is also a director of the boards of Autostrade per l’Italia SpA and Aeroporti di Roma SpA. During 2013, he became a member of the advisory board of Ambienta Sgr and Chairman of SPIG SpA.
Umberto Vergine joined Eni in 1984 and beteen 1993 and 2001 managed various Eni overseas exploration and production business units. He returned to Italy in 2004, since holding a string of roles including regional vice president West Africa and Egypt, senior vice president for North Sea, Americas, Russia, Far East and Pacific, senior vice president technologies and services, and executive vice president for South Europe, Central Asia, Far East and Pacific.
From 1 January 2012 to 5 December 2012 he has been Chief Operating Officer of the Gas & Power Division – Eni S.p.A.
Other board directors nominated and backed by Eni for appointment to Saipem’s Board of Directors are: Paolo Andrea Colombo, Maria Elena Cappello, Francesco Antonio Ferrucci, Flavia Mazzarella and Stefano Siragusa.
Eni has also recommended Paolo Andrea Colombo as Chairman of the Board of Directors of Saipem.
"Eni wishes to express its thanks to Saipem’s Chairman Francesco Carbonetti for his contribution to safeguarding the interests of the company’s shareholders and Saipem’s CEO Umberto Vergine for strengthening the company, bringing it back to positive results."