Saipem CEO Could Be Reappointed in May

The main shareholders of Italy's Saipem indicated on Thursday they would support the reappointment of Stefano Cao as chief executive of the oil service company.

 

State lender Cassa Depositi e Prestiti (CDP) and oil major Eni, who jointly control Saipem, included Cao's name in the slate of directors they will propose at a shareholder meeting in May.

 

Cao's name was second in the list, a position which traditionally indicates the name of the potential CEO.

 

Saipem shares have fallen more than 80 percent in the last three years as the sector continues to suffer from lower spending from oil majors. There had been speculation Cao might not have been confirmed.


(Reporting by Stephen Jewkes, editing by Valentina Za)