Main Iren shareholders to meet this week on possible new source
MILAN, May 9 (Reuters) -The main shareholders in Italian utility company Iren IREE.MI will meet by the end of the week to discuss the possible appointment of a new CEO after the current one was arrested as part of a corruption investigation, a source said.
Paolo Emilio Signorini, who became Iren CEO last year, was held in custody on Tuesday on corruption charges related to his previous role as head of the Ports of Genoa Authority.
The company held an emergency board meeting the same day revoking Signorini's powers and handing them to the chairman Luca Dal Fabbro, and the deputy chairman, Moris Ferretti.
The main investors - the members of the Iren shareholders' pact - are the municipalities of Genoa, Turin and Reggio Emilia.
Their mayors will meet this week, according to a political source, to discuss the situation, waiting to learn whether Signorini will resign after being suspended from his office.
According to the shareholders' agreement, it is up to Genoa to propose the CEO as the majority shareholder, while Turin nominates the chairman and Reggio Emilia the deputy chairman.
Regional multi-utility Iren is scheduled to release its first quarter results on May 15 and its new business plan in the following weeks.
On Thursday Iren's shares, after falling in the last two sessions, were recovering some lost ground and rose 0.67% to 1.80 euros at 1040 GMT.
Reporting by Giancarlo Navach, writing by Francesca Piscioneri, editing by Keith Weir
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