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Leonardo: Profumo was a big disappointment

Too many strategic errors in his mandate

The three years by Mauro Moretti's management in Finmeccanica-Leonardo ended with sharp reductions in terms of orders and consequently in turnover. When Profumo arrived three years ago, there were numerous positive expectations for this manager with extensive international relations. But immediately the limits also emerged of the new corporate policies implemented by Leonardo, despite the numerous consultancy companies involved. The three years by Profumo have not seen such a large and diverse Leonardo Group turnaround, operating against competitors that are world giants such as Boeing, Airbus, Lockheed Martin, Northrop Grumman, General Dynamics. All groups led by managers with long internal company experience. Basically, in the last three years there has been stillness and lack of expansion strategies by Leonardo. Not even the previous administration had managed to reduce the turnover, the staff, and the orders by much. Today Leonardo, downsized in a market that requires great critical mass, is becoming attractive for the acquisition by large foreign groups. Some examples of serious errors: the persistent opposition to synergies between Leonardo and Fincantieri which, especially in the military sector, would have valid industrial reasons as well as considerably improving its strategic positioning on international markets. The Leonardo-Finmeccanica approach is essential to have that critical mass that would bring the levels of presence on the world market close to those of 2010; the bad management of relations with the Mubadala Fund (UAE) which led to the withdrawal by the Arabs from Piaggio Aerospace and which is now under extraordinary administration; the commercial errors and the wrong alliances that led to the failure to assign the billionaire tender for the new US Air Force trainer in 2018. In Leonardo excellent and experienced managers were replaced with people without adequate knowledge of the company: for example Iarlori (Staff and ICT) Poggiali (cyber security, from Poste Italiane), Cingolani (without experience of CTO of High Tech Corporation), Lamponi (CRO), Sissman (French, at the head of a highly sensitive sector such as that of remote control aircraft). Today there are many foreign markets where Leonardo has not sold for over three years, while the mission of the new management should have been mainly to penetrate new markets and make acquisitions.

In all of this, for mere reasons of opportunity, it is also pointed out the distinct case of Profumo's recent indictment for agiotage and false accounting, for old and different events connected with his previous assignments.

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AVIONEWS - World Aeronautical Press Agency