Italian utility Iren sacks CEO over Genoa corruption case
Updates with chairman comment in paragraph 6, share move in paragraph 11
By Alessandro Parodi
June 25 (Reuters) -Italian energy, gas and water utility Iren IREE.MI dismissed its chief executive Paolo Signorini on Tuesday, citing just objective cause, following his arrest last month as part of a corruption investigation related to his previous job.
Signorini, who became Iren CEO only last year, was detained in May on corruption charges stemming fromhis former role as head of the Ports of Genoa Authority.
His dismissal follows an internal and an external audit that Iren announced in May.
"The precautionary custody measures taken against Dr. Signorini on 7 May 2024 ... cause an impossibility, now irreversible and no longer just temporary, of exercising his functions as Top Manager", Iren said in a statement.
The group confirmed the reorganisation approved at an emergency meeting held immediately after the arrest, distributing the powers of the departing CEO to its chairman Luca Dal Fabbro and deputy chairman Moris Ferretti.
Dal Fabbro told analysts that he does not expect a new CEO to be in place until the current board's term expires next year, but that it will be up to shareholders to decide on the group's managerial model.
No payment is expected to be made to Signorini in relation to his departure from the company, Iren added.
BUSINESS PLAN
The company had earlier issued its 2024-2030 business plan, and said it expects core earnings to reach 1.8 billion euros ($1.9 billion) in the last year of the plan, 3.7% lower than previously forecast, while planning to raise dividends by 8% a year until 2027.
The new dividend policy will mean its dividend to net profit payout ratio will equate to 60% from 2027, beating the industry average, the regional utility said.
Shares in the company were up 1% atTuesday's closing.
Iren also lowered its group net profit estimates to more than 400 million euros at the end of its business plan to 2030, its statement said, compared with to 460 million euros in the plan it disclosed last year.
The group plans to invest about 8.2 billion euros over the plan period, of which 70% meets European Union sustainability targets, it said.
Last week Iren and the European Investment Bank (EIB) underwrote a 200 million euro green financing contract to support its sustainable investments related to electricity grid resilience projects.
The company reported 2023 earnings before interest, tax depreciation and amortisation of 1.2 billion euros, net profit of 254.8 million euros and proposed a dividend of 0.1188 euros per share.
($1 = 0.9337 euros)
Reporting by Alessandro Parodi
Editing by David Goodman and Keith Weir
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