The business on...Francesco Guarguaglini, Former chairman, Finmeccanica
Saturday 03 December 2011
Yes, he's resigned his post at the Italian defence and aerospace group amid corruption allegations that saw his board strip him of most of his powers. They went to Giuseppi Orsi, who replaced Mr Guarguaglini in April as chief executive ofFinmeccanica, and with whom he has since clashed.
Only in Italy?
Indeed, though it should be said that Mr Guarguaglini denies all allegations against him and they have not been proved.
So what is he supposed to have done?
There have been several claims, but the latest allegation is that one division of the company, Selex, over-stated the value of contracts with the civil aviation agency, with the extra cash used to pay off politicians. Selex is run by one Marina Grossi, the wife of Mr Guarguaglini.
Oh dear. Are the authorities involved?
Italian prosecutors are investigating and there have already been a number of resignations at the company.
So the chairman had no choice but to go?
Italian politicians wanted him out, but Mr Guarguaglini had clung to the post, arguing that he was innocent until proven guilty. But Finmeccanica is a third-owned by the State and the board clearly felt it had to act.
An ignominious end then?
Sort of – particularly since he's been running the show for the best part of a decade. Still, the €4m pay-off ought to soften the blow – and he'll get another €1.5m in a year's time if he doesn't go on to work for a Finmeccanica competitor.
- 1 Lucy Hawking: Stephen Hawking's daughter writes impassioned open letter to Katie Hopkins about rights of disabled people
- 2 #NotGuilty: Second Oxford student writes of brutal rape by two men who then threw her in a bin as part of campaign against victim blaming
- 3 Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
- 4 Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
- 5 How the language you speak changes your view of the world
Lucy Hawking: Stephen Hawking's daughter writes impassioned open letter to Katie Hopkins about rights of disabled people
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
How the language you speak changes your view of the world
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...