Giuseppe Bono is leaving Italian shipyard giant Fincantieri after a 20-year reign that has seen the group become the dominant force in cruise ship construction.
The long-serving chief executive has seen his contract renewed repeatedly during the last two decades, but time has caught up with him at the age of 78.
Bono told Italian newspaper L’Espresso his mandate was not being renewed by the Italian government due to his age, adding that he “respected” the decision.
Italian state lender Cassa Depositi e Prestiti (CDP), which has 71.3% of the group, proposed Pierroberto Folgiero as the new CEO.
This will be confirmed at a shareholders’ meeting on May 16.
Folgiero is the boss of Maire Tecnimont, an Italian engineering and technology services company.
He will work with new chairman Claudio Graziano, a former Italian military chief of staff and current chairman of the European Union Military Committee.
“Both men have competence and vision,” Italian defence undersecretary Giorgio Mule told Defense News.
Folgiero will need to learn about the shipbuilding business quickly to fill Bono’s shoes.
The outgoing boss joined from aerospace company Finmeccanica in 2002.
Big backlog
Bono has built up a huge backlog of cruise vessels for the major players. Fincantieri is also involved in offshore vessels through the Vard yard group and has naval interests as well.
The group has a 40% share of the cruise ship sector.
Fincantieri reported a €22m ($24.2m) profit for 2021, after deducting €85m in asbestos-related claims and Covid-19 related costs.
It made a loss of €245m in 2020.
Revenue last year rose 28% to €6.7bn from €5.2bn a year earlier.
The company is slated to deliver 29 cruise ships through to 2026 and one in the years after that. Six will be delivered from its Italian yards this year and one in the luxury niche segment from Norway’s Vard.
It also has orders for 26 offshore and specialised vessels for delivery through to 2024.
