Italy Moves to Replace Leonardo CEO in Surprise Shake-Up

The Italian government has moved to replace the chief executive of Leonardo, the country's major defense and aerospace group. Rome has proposed that Roberto Cingolani be removed from his role. The state, which is Leonardo's largest shareholder, nominated Stefano Pontecorvo to succeed him. Pontecorvo is a former senior diplomat and was Leonardo's Chief Commercial Officer until 2022. He is currently the company's Chairman of the Board. The proposal will be voted on by Leonardo's board of directors. No public reason was given for the sudden change in leadership. Cingolani, a former physics professor and Italian government minister, was appointed CEO in 2022. His tenure focused on advancing Leonardo's technology in space, cyber security, and electronics.