Italy seeks new head for state lender CDP, sources say

By Giuseppe Fonte and Angelo Amante

ROME (Reuters) - Italy is considering candidates to take the helm of state lender Cassa Depositi e Prestiti (CDP), three sources close to the matter told Reuters, as part of a wider shake-up of state-controlled companies.

Dario Scannapieco, 56, has been chief executive since 2021 but his mandate expires in May and the sources said a new term looks unlikely.

State-backed investor CDP, founded 173 years ago, plays a key role in keeping strategic assets in national hands. Its equity portfolio includes energy group Eni, motorway operator Autostrade per l'Italia (ASPI) and shipbuilder Fincantieri.

Prime Minister Giorgia Meloni's government has already replaced the heads of some state companies as the ruling coalition wants trusted allies in place to deal with delicate corporate issues.

Asked to comment on a change of CEO at CDP, Meloni's office said any rumours of a replacement for Scannapieco were unfounded. CDP was not available for comment.

Antonino Turicchi, chairman of the national airline ITA Airways, is currently tipped as the frontrunner to replace Scannapieco next year, although the sources said other figures are being considered.

Stefano Donnarumma, former chief executive of power grid Terna, is also among those shortlisted for the position.

Rome is expected to decide on the top management of CDP in March at the latest, immediately after the approval of this year's CDP financial accounts, the sources said.

Scannapieco was European Investment Bank (EIB) vice president before the national unity government of Meloni's predecessor Mario Draghi appointed him as CEO of CDP.

Under his leadership, CDP was tasked to foster Rome's attempt to create a single national broadband operator by merging Telecom Italia's (TIM) landline assets with those of smaller rival Open Fiber. CDP is a key shareholder in both companies.

Regulatory hurdles prompted Meloni's government to back U.S. fund KKR's approach to take over TIM's grid, although the single network project could resurface at a later stage.

The state lender invests savings made by Italians through the national post office network Poste Italiane.

Looking ahead, CDP will also be crucial in helping the government revamp the country's EU post-COVID Recovery Plan, under which Italy is still due to receive more than 131 billion euros ($142.88 billion) in grants and cheap loans through 2026.

($1 = 0.9168 euros)

(Additional reporting by Elvira Pollina in Milan; Editing by Susan Fenton)