Wanted! Investors demand Italy hire renewable expert, global networker to run Enel

Enel CEO Francesco Starace speaks during the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermid/Investors want international focus maintainedMILAN/ROME, April 5 - Expertise in renewables and an international focus are what investors want to see from a new head of state-controlled Enel

, and Luigi Ferraris, who worked for Enel for 16 years including as CFO before becoming chief executive at Italian railways operator Ferrovie dello Stato, the sources said. A decision is expected in mid-April. In the meantime several shareholders have signalled to Rome that they don't want an abrupt change in Enel's strategy, in particular a drastic reduction in the group's international exposure. Some investors fear the government under nationalist Meloni may want the company to be more domestically focused.

Starace won plaudits for his commitment to green energy. However, investors and the government grew restless over a debt pile that had grown to around 60 billion euros in 2022 from 45.5 billion in 2020, when Starace was reappointed for a third term. "People in Italy may prefer that Enel focuses on making things as much as possible in its home country and not investing so much abroad, but the company has no choice... if it wants to attract foreign investors," said Vincent McEntegart, multi-asset investment manager at Aegon Asset Management, an Enel shareholder with assets under management worth $311 billion.

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