At media briefings in London and Rome earlier this year, Mauro Moretti claimed full credit for making Leonardo financially healthy. But the fortunes of Europe’s second-largest aerospace and defense company are still largely determined by the Italian state, which owns 30 percent. And that includes the fortunes of its leadership, with the government subsequently having replaced Moretti as CEO for a reason that is entirely unconnected with his three-year stewardship of the company that was until last year known as Finmeccanica.
“Today, Leonardo is a solid business with all the characteristics needed to compete in global markets,” said newly-appointed CEO Alessandro Profumo in May. He is a former banker who was nominated by Rome in preference to Fabrizio Giulianini, who had risen after a lifelong career in the company to become head of Leonardo’s largest-earning division--electronics, defense and security systems. Giulianini has now resigned from the group.
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