Saipem Appoints Stefano Cao as New CEO

Veteran oilman Stefano Cao has been appointed as new CEO of Italian oil contractor Saipem , the company said on Thursday.

 

Saipem is 43 percent owned by oil major Eni.

 

The appointment, widely expected, is seen as paving the way for Eni to kickstart plans to sell down its stake to get its subsidiary's debt off its balance sheet.

 

Cao spent almost 25 years at Saipem, leaving in 2000 as executive chairman to take charge of Eni's core exploration and production business where he managed Eni CEO Claudio Descalzi.

 

He left Eni in 2008.