Fineco, green light for hypothetical division of CEO and MD roles

(Il Sole 24 Ore Radiocor) FinecoBank has laid the groundwork for separating the role of CEO of the company from that of general manager. For now it is only an option on the table, but in financial circles there are already questions about the future managerial structure of the institute. The change, however, is a radical one, since until now the two positions of CEO and managing director had to be held by the same person, who since 2014, the year Fineco was listed on the stock exchange, has been Alessandro Foti. To tell the truth, the manager has been at the helm since the company's beginnings, since 2000, but prior to the ipo only as ceo.

In detail, Fineco's extraordinary shareholders' meeting approved the amendment of the company's bylaws, in particular articles 15 and 17, providing for the separation between the role of CEO and that of general manager and eliminating the current constraint that requires the two positions to be held by the same person. The company's outgoing chairman, Marco Mangiagalli, now replaced by Francesco Saita, explained to the shareholders assembled at the meeting that the green light received on the amendment to the articles of association 'does not impose an immediate change, butleaves the door open to the possibility of evaluating the separation of the two offices in the future'. Moreover, he said, this would provide Fineco with greater organisational flexibility in order to respond effectively to the transformation of the reference framework, which is becoming increasingly complex. Foti himself gave his own version to the shareholders. "I think it is there for all to see that the bank is becoming more and more relevant and important and is expanding its spheres of action on the horizon. In addition there are plans to expand Fineco internationally, on a European level." In short, in order to cope with this articulated and growing complexity of the company, the board has decided to propose the statutory change to the shareholders' meeting so as to have a free hand to evaluate at any time the option of "separating the office of managing director from that of general manager if this would be in the interest of the bank itself, so as to always guarantee effectiveness and flexibility, Foti said, concluding: "prevention is better than cure". Obviously, any appointment of a general manager will have to be approved by the board of directors. At Fineco's Capital Market Day, held last March, Foti had pledged that he would remain firmly in place, believing he had the energy to add value to the company. In any case, as in all companies that think about the future, he had stressed, at Fineco the team of tomorrow is already being prepared.

Certainly from the shareholders' meeting came loud and clear confirmation that Fineco believes in the plan to expand abroad. Also at the bank's Capital Market Day it was already indicated that the strategic plan includes the launch of a new pan-European platform, focused mainly on brokerage, for which fixed costs of around EUR 5 million are planned for 2026, and around EUR 5-10 million for each of the following years until 2029.

Returning to the shareholders' meeting, Foti illustrated to the shareholders the bank's recorded accounts, which had grown strongly in the space of a few years, with revenues and net profit rising respectively from EUR 804.5 million in 2021 to EUR 1.3 billion and from EUR 349.2 million to EUR 647 million last year. A level, the latter, which allowed for the distribution of a coupon of EUR 0.79 per share, which will be payable on 18 May 2026. The net result for 2025 was slightly below that of the previous year, but due to the movement in interest rates that ended up eroding margins, However, the company's ambition, Foti reiterated at the shareholders' meeting, will be to grow further in the coming years organically, always acquiring new market shares. The manager did not show concern about the possible impact of the war in the Middle East. "The bank is stable and will continue on its path of growth in revenues and profits, as it has always been since its listing on the stock exchange". As for any speculation that it is in the crosshairs of other institutions, as asked by a shareholder, the ceo cut it short by asserting 'no one has approached or contacted us'.

The shareholders' meeting, in its ordinary session, in addition to approving the 2025 financial statements and the coupon, appointed the new board, comprising thirteen members, who will remain in office for the next three financial years, i.e. until 2029, confirming Foti at the helm. Specifically, the appointed board of directors is made up of Francesco Saita (indicated as chairman), CEO Alessandro Foti, Maria Alessandra Zunino de Pignier, Giancarla Branda, Maria Lucia Candida, Fabio De Ferrari, Silvia Merlo, Alessandra Antonelli, Mauro Baragiola, Matteo Bruno Renzulli (names from list one proposed by the board of directors, which received more than 80% of the votes), Marin Gueorguiev, Francesca Dominici and Roberto Ruggero Capone (the latter three from the Assogestioni list).