Italian energy services firm Saipem, which on Monday issued a profit warning that sent its shares down to historic lows, on Friday appointed Eni's Alessandro Puliti as General Manager of the company.
Born in Florence in 1963, Puliti has served as General Manager of the Natural Resources Division at the Italian oil firm Eni, Saipem's main shareholder. Puliti will start in his new role in Saipem next Monday.
Saipem said Friday that its Board, chaired by Silvia Merlo, had met to approve the new organizational structure of the company.
"The new structure has been designed by Saipem to reinforce the execution capabilities for the company projects and to complete the ongoing strategic review aimed at strengthening the capital and financial structure of the Group," Saipem said.
"Saipem will present to the financial community the outcome of the strategic review on the day of the approval of the Company preliminary consolidated results for 2021," the company said.
The new organization envisages the appointment of a new General Manager function "with broad operative and managerial responsibilities."
It also includes the creation of a specific unit focused on reinforcing the activity of financial planning and control of the projects and of the other company’s operations, as well as the consolidation of the legal and contract management responsibilities in a corporate department within the new General Manager office.
Apart from appointing Puliti as General Manager, Saipem said that Paolo Calcagnini, currently Deputy General Manager and Chief Business Officer of CDP S.p.A. would join the management team of Saipem, reporting to the new General Manager.
Calcagnini will be responsible for the new unit focused on reinforcing the activity of financial planning and control.
Per Reuters, Saipem had said Monday it expected to post a loss of more than one-third of the company's equity in 2021, which activates a provision under Italian law obliging the group to call a shareholder meeting to agree on measures to reduce the losses.
Saipem is a company subject to the joint control of Eni Spa and CDP Equity Spa.