Tag: Italy

Massimo Sarmi confirmed CEO for the third mandate (Italy)

Posted by | May 29, 2008 | |

Massimo Sarmi has been reappointed as CEO and Giovanni Ialongo, as the new Chairman of Poste Italiane. This is the third consecutive mandate for Massimo Sarmi, managing the Company since May 2002.

Through a profound program of renewal, Sarmi has performed budgetary outcomes in constant growth, to close 2007 with 17.2 billion euros of revenues, placing the Group among the leaders for profitability within the postal operators in Europe.

Giovanni Ialongo was appointed as the new Chairman for Poste Italiane. As former Chairman of Postelegrafonici Institute Ipost, he is currently its Commissioner. Among the positions he holds are: member of the High Council for Communications, President of Pensions SISPI Italy and member of the Italian Society of Services for the Integrative Pensions (owned by INPS and IPOST). He was born in Pico (FR) in 1944. He is married with one child.

Members of the Board of Directors were also appointed Roberto Colombo, Nunzio Guglielmino and Mauro Michielon.

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Poste Italiane to weigh joining Alitalia consortium

Posted by | May 22, 2008 | |

Poste Italiane could consider joining an Italian consortium to rescue Alitalia if doing so makes commercial sense, its chief executive officer told Reuters.

Poste Italiane relies on 16 daily flights, some operated by Alitalia, to transport its mail, and Italian media have suggested it might be interested in the airline’s cargo business. Poste operates its own cargo carrier Mistral Air.

CEO Massimo Sarmi, however, cautioned that the postal group, which itself is among state assets that could be privatised, has not been yet been approached to join the proposed group and that it was still too early to decide on it.
He stressed that any decision to pick up pieces of the cargo business or to be part of a consortium would be based on business considerations.

Sarmi said finding a plane or crew to deliver mail was not difficult, but the tricky part was in ensuring that the cargo flights were filled to capacity so as to make commercial sense.

Poste Italiane itself has long been considered a leading candidate for privatisation.
But unlike state-controlled Alitalia, which is on the verge of bankruptcy, Poste has reversed decades of losses thanks to a strategy of diversifying out of the slow-growth mail business into more lucrative sectors like banking and telecoms.

The group reported a 25 percent rise in annual profit earlier this year, and Sarmi said he estimated it has an equity value of about 14 billion euros ($21.80 billion), double that of a few years ago.

In the event it is privatised, Sarmi reiterated that he prefers a stock market listing of the Poste Italiane group as a whole, rather than just its banking division.
But before deciding on whether to list the company on the market, Italy’s new centre-right government must decide this month whether to renew Sarmi’s term at the helm of the group.

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Poste Italiane flagged as Alitalia vehicle

Posted by | May 22, 2008 | |

Italy’s state-owned mail group Poste Italiane is again being flagged as a possible vehicle to rescue the ailing Alitalia, this time as part of a consortium.

Poste Italiane relies on 16 daily flights, some operated by Alitalia, to transport its mail and Italian media have already carried stories indicating it might be interested in the airline’s cargo business. Poste already operates its own cargo carrier, Mistral Air.

Poste’s CEO Massimo Sarmi cautioned that he has not yet been approached to join the proposed group.

He stressed that any decision to pick up pieces of the cargo business or to be part of a consortium would be based on business considerations.

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Warsaw is cultural capital with the lowest price tag

Posted by | May 16, 2008 | |

Culture vultures who want to save hundreds of pounds on the cost of an arts and entertainment-packed short break should head for Warsaw. The Polish capital was far and away the cheapest city for a cultural weekend away, according to the new Cost of Culture report conducted by Post Office® Travel Services.¹

Even though sterling buys 22 per cent fewer Polish zloty than a year ago, the GBP 75 price tag – which included visits to Warsaw’s historic art galleries, museums and heritage sites, together with nights at the renowned Polish National Opera, ballet and a symphony concert² – weighed in at less than 25 per cent of the equivalent London cost.

London proved by far the most expensive of the 10 cultural capitals surveyed by the Post Office®. Its itinerary of 10 cultural highlights, which included trips to the Royal Opera House, Buckingham Palace and the Victoria & Albert Museum, costs around GBP 308, despite the offer of free entry to its national museums and galleries.

By contrast, while the sliding pound has made Prague up to 25 per cent more expensive than a year ago, the Czech capital rates as great value for lovers of the arts. It was second only to Warsaw, at just under GBP 104 for a culture-filled trip.

The survey of Europe and North America’s top cultural centres included six eurozone capitals and, as with other price comparison reports by the Post Office®, revealed a huge disparity in costs between these destinations.

The Cost of Culture survey identifies the five best value choices for each of the six cultural categories researched (allowing one entry per city in each category)³ and found that Paris was the only city not to feature. However clued-up culture vultures can cut their costs by visiting Paris on the first Sunday of each month, when galleries are free.4

The Post Office® Cost of Culture survey is available online for holidaymakers to view at postoffice.co.uk/costofculture

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Italian post office may join consortium to acquire Alitalia

Posted by | May 6, 2008 | |

Poste Italiane may join a consortium of Italian investors to acquire Alitalia SpA as the state-owned post office seeks to grow its cargo business, the daily Finanza & Mercati said in an unsourced report.

The newspaper said Francesco Pizzo, the head of Poste Italiane’s airline unit Mistral, had indicated a few months ago the company was interested in Alitalia’s cargo business and its logistics base at the Malpensa airport in Milan.

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