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Starace confirmed as CEO/General Manager

Francesco Starace confirmed for a third term in office as Enel CEO
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The Board of Directors of Enel, which met on 15 May, confirmed Francesco Starace as Chief Executive Officer and General Manager of the Group. In line with the previous corporate structure, the Board of Directors, which was appointed by the Ordinary Shareholders’ Meeting on 14 May, designated the Chief Executive Officer with all the powers for the management of the Company, with the exception of those otherwise assigned by applicable laws, by-laws or those retained by the Board of Directors within the scope of its responsibilities. The Board of Directors also designated the new Chair Michele Crisostomo with the power to oversee audit activities (although the head of this function continues to report to the Board of Directors), to drive and supervise the application of the corporate governance rules regarding the Board of Directors’ activities, as well as to maintain relations with institutional bodies and authorities, in agreement and in coordination with the Chief Executive Officer.

 

Francesco Starace’s third term as CEO begins in a particularly complex period, which is characterized by the negative effects caused by the global health and economic emergency. “Thanks to our integrated, resilient and diversified business model, there is no evidence so far of significant operating, economic or financial impacts in the short and medium term,” Starace said during his speech at the Shareholders’ Meeting. He also explained that the Group can leverage “an ample liquidity available and a very strong balance sheet to face any volatile scenario and support the implementation of the investment plan and its commitments on dividends.”

Thanks to our integrated, resilient and diversified business model, there is no evidence so far of significant operating, economic or financial impacts in the short and medium term

Francesco Starace, Enel CEO

Starace believes that in this context Enel’s people were “the most important factor for success. During the most critical phase, 37,500 Enel employees worked remotely; that is around 55% of our global workforce, and 15,000 of them are in Italy. We are currently managing the gradual return of about a quarter of these colleagues in countries where the so-called phase 2 is starting.” With this in mind, the CEO pointed out the value of the investments made in digitalisation, which are essential to guarantee the continuity of the service in full compliance with health and safety regulations. In addition to the appointments of the new Board of Directors, the Shareholders’ Meeting approved Enel’s financial statements for 31 December 2019, as well as an overall dividend of 0.328 euros per share (0.16 euros already paid as interim dividend in January 2020 and the balance of 0.168 euros to be paid in July 2020). The 2020 long-term incentive Plan for the Enel management and the Report on the remuneration policy for 2020 and compensations paid in 2019 were also approved.

 

In response to the health and economic emergency, during the Board of Directors’ meeting on 15 May, all the Directors committed to donating 15% of the remuneration due to them in their capacity for the current year to support solidarity measures. This is an initiative already announced by the Chair, by the CEO and General Manager Francesco Starace and by the top management reporting directly to the latter. This commitment is part of the crowdfunding initiative announced by Enel on 15 April. It is intended to support third sector associations which are particularly active in helping the people most affected by the social emergency caused by COVID-19.

 

Enel editorial staff