Italy names former Treasury official to head ITA Airways

The Italian economy ministry on Wednesday said it would appoint former Treasury official Antonino Turicchi as chairman of state-owned carrier ITA Airways, the successor to Alitalia. Turicchi, who also sat on the board of state-controlled bank Monte dei Paschi di Siena, is currently the CEO of FINTECNA, a financial holding company controlled by state lender Cassa Depositi e Prestiti. At ITA Airways, he will take the place of Alfredo Altavilla, who resigned earlier this month after a clash with several board members over strategy to complete the privatisation of the airline. In August, the Treasury picked a group led by U.S. private equity fund Certares, backed by Air France-KLM and Delta, for exclusive talks on buying a majority stake in the carrier. The consortium beat a rival bid presented by shipping group MSC and Germany's Lufthansa. The exclusivity period ended last month but talks over a potential sale agreement are continuing.<br/>