Mass resignation by the board of directors of the Sun – the Newspaper

Marcello Zacchè

The crisis of il Sole 24 Ore group, arrived one step away from the crac, gives you a sensational shot of the scene: at the end of the board that Friday evening approved the half-yearly of shock 50 million of losses, you are dismissed 5 of the 11 directors: the chairman of the board Giorgio Squinzi, Carlo Pesenti, ceo of Italmobiliare, the two independent Claudia Parzani, international lawyer, and Livia Pomodoro, the former president of the court of Milan and Mauro Chiassarini, ceo of Bayer Italia. Yesterday evening, the sixth, farewell, to Maria Carmela Colaiacovo (president of Federturismo), the result decisive, being now six vacancies on the 11, to drop the entire board.

A fact that makes even more dramatic the situation of the group controlled by Confindustria and open, even if indirectly, a crisis at a summit of the association of industrialists. So that seems to be called today a presidential Committee, extraordinary, even by telematic means. In addition, at the end of the meeting of the board of directors of Friday, the architect of the heavy cleaning of the balance sheet, the ceo Gabriele Del Torchio, was admitted as an emergency to the Auxologico of Milan, italy for a heart surgery, then happily succeeded.

As is known, on Friday, The Press has prepared a report that, in addition to the loss of management, contained a number of important adjustments to the accounts of the past management, such as to reduce assets and financial dynamics below the threshold of business continuity. And making it indispensable to a capital increase.

the council was the end of the world, big words and personal clashes, (a particularly harsh one between Luigi Abete and Of the Press). Also why, in the face of the report, the representative of Confindustria, the dg Marcella Panucci, he would have given the availability to increase, but asked for the resignation in the white of the entire board of directors. Request rejected with indignation, but which resulted, at the end of the meeting, the resignation of the first four members, all newly appointed, with 2 out of 3 of the independent, sentitisi teased by the shareholder that had appointed less than six months ago. To them is added Squinzi, president of Confindustria in the years of past management, is now looking to take the distances from the stricken counts of the Sun. And then just yesterday, Maria Carmela Colaiacovo, with the effect of invalidate the rest of the directors: Panucci, Fir, Carlo Course, the president of Small Industry of Piedmont and Nicolò Dubini, ceo of Herabell, independent director.

The result is a deep laceration on the inside of the system confindustria and its body of economic information and financial, as evidenced by the hard press release that the employees of the Sun have published yesterday, pointing out that the severity of the crisis for years, has been masked by representations false, and concluding with that same “DO SOON” cubital that the Sun had decided to address to the Berlusconi government in 2011, speeding up the resignation. How to say: from that pulpit.

Now the president of Confindustria Vincenzo Boccia will be able to proceed to the appointment of the new board of directors of the Sun but will have to reckon with its base, and especially with the territorial, such as Assolombarda and Emilia, defeats in the elections of April, so that it seems this fact, press to put in the team, their men. Vice versa, no contributions to the share capital increase. That, without the rich of the north, you can not do.