Leonardo down with defence stocks, focus on Cingolani dossier
The company remains at the centre of the debate on the possibility of a change at the top, with the CEO's chair seemingly teetering. Among the possible successors are Lorenzo Mariani and Gian Piero Cutillo
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(Il Sole 24 Ore Radiocor) - A session of declines for Leonardo - Finmeccanica, which is among the worst performers on the Ftse Mib, in the wake of the rebounds of defence stocks in Europe (Rheinmetall in Frankfurt, Bae Systems in London, Thales and Dassault in Paris).
The share price, which has risen 780% since the start of the conflict in Ukraine in 2022, 35% in the last year and 15% so far in 2026, falls after the record high above EUR 64 reached on 18 March. Already in the spotlight, like all defence stocks, for the various open conflict fronts, particularly the one in the Middle East, and for the acquisition of the defence business from Iveco, Leonardo remains at the centre of the debate on the possibility of a change at the top, with the chair of CEO Roberto Cingolani seemingly teetering.
The Italia government, which holds just over 30% of the group through the Ministry of the Economy, is called upon to present a list of candidates for the Board of Directors by 13 April. According to various newspapers, including La Repubblica and La Stampa, in addition to Lorenzo Mariani (currently managing director of Mbda Italia, but until 2025 co-director at Leonardo), Gian Piero Cutillo (formerly Cfo of Leonardo from 2012 to 2017 and currently head of the helicopter division) is also in the running. The name of Stefano Donnarumma, CEO of FS, had also been mentioned, as well as those of the CEO of Rheinmetall Italia, Alessandro Ercolani, and Pierroberto Folgiero.
In particular, La Repubblica points to Cutillo as CEO and Mariani as general manager. "If this choice were confirmed, it would probably be atransition without discontinuity, if only because both know the group very well from the inside given their long militancy," explain Equita analysts, recalling that "among the reasons that would lead to the change of Ceo attributable to Cingolani would be some internal appointments, the resistance to technology transfer and co-production in Saudi Arabia, the way the Michelangelo Dome programme was presented, and the results of international joint ventures (Rheinmetall, Baykar and Space) with few products made in Italy'.
The question of a possible handover is also triggering an intense political debate, with government and party representatives expressing their views on the issue, even questioning the motivations for a possible handover given the group's otherwise positive results. In this regard, the first-quarter numbers will arrive on 6 May, and analysts are positive. Those at Deutsche Bank, for example,expect accounts 'in line with or above target' and a 'continued growth trajectory'.
