ITA Airways Board disbanded hours before shareholders meeting

This is a breath of fresh air that should replenish the ITA Airways coffers by the end of the month and which constitutes the second tranche of the overall 1.35 billion euro loan already authorized by the EU to ensure business continuity.

The assembly then cleared the current board of directors, which will remain in office until next November 15 when a further extraordinary shareholders’ meeting should appoint the new members.

In the meantime, the Ministry of Economy and Finance (MEF) which controls 100% of the new company has changed the statute of the company for the revision of the number of directors, which will be from a minimum of 3 up to a maximum of 9 members – a board of directors that will be composed of 5 members.

The “small stabunt simul cadent” (together will stand, together will fall) clause was then included in the ITA statute, i.e., in the case of the resignation of the majority of the directors, the entire board of directors lapses.

The clause is retroactive, so the resignations which took place a few hours before the meeting of the President, Alfredo Altavilla; the Director, Ouseley, and those of the 6 directors that took place last March, automatically presuppose the forfeiture of the entire board of directors.

The 6 directors who resigned since last spring – Lelio Fornabaio, Alessandra Fratini, Simonetta Giordani, Cristina Girelli, Silvio Martuccelli, and Angelo Piazza – wrote a letter last week to the Minister of Economy, Giancarlo Giorgetti, asking to formalize their resignations which have never been accepted.

THE ALTAVILLA MOVE

Formally already disheartened by the board of directors, which had revoked his operating powers, on the evening of November 7, Alfredo Altavilla resigned as President of ITA Airways a few hours before the start of the shareholders’ meeting of the Italian airline.

At the same time, councilor Frances Ouseley also resigned. Eight of the 9 members of the ITA board of directors, therefore, resigned; only the CEO, Fabio Lazzerini, remained in office and took over the powers revoked from Altavilla.

The resignation letter from the former FCA president is accompanied by a request for indemnity or the resignation by the Meloni government to initiate any liability action against Altavilla, which, however, requests compensation from the MEF, Ed.

THE REOPENING OF NEGOTIATIONS

With the resignation of Altavilla, therefore, the full internal tug-of-war at the top of the carrier that has held the bench in recent months ends.

The president would have been accused by the other members of the board of having hindered or slowed down the conclusion of the negotiations with Certares, the fund that emerged as the winner of the 2-way tender with MSC-Lufthansa for the privatization of ITA.

However, this negotiation was called into question by the current Meloni government, which a few days ago deemed the exclusive period useful to conclude the sale of the US fund concluded.

According to the MEF, in fact, the Certares offer lacks a strong industrial partner in the aviation sector. The game has reopened and the MSC-Lufthansa duo could return to office with its proposal which provides for the purchase of 80% of ITA shares.