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Snam Appoints Ex-ECB's Lorenzo Bini Smaghi As New Chairman

Date : 10/15/2012 @ 7:36PM
Source : Dow Jones News
Stock : Eni (ENI)
Quote : 18.7  -0.06 (-0.32%) @ 5:04PM
Eni share price Chart

Snam Appoints Ex-ECB's Lorenzo Bini Smaghi As New Chairman

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By Liam Moloney

ROME--Snam SpA (SRG.MI), Italy's biggest natural gas transport and storage company by capacity, Monday said it has appointed Lorenzo Bini Smaghi to the board of directors and named the former member of the European Central Bank's executive board as the new chairman.

In a statement, Snam said it named Mr. Bini Smaghi, Roberta Melfa and Andrea Novelli to the board to replace Eni SpA's (E) appointees Salvatore Sardo, who was chairman, Alessandro Bernini and Massimo Mantovani, who had all resigned.

Earlier Monday, the Rome-based oil and gas company sold its controlling stake in Snam to state-controlled lender Cassa Depositi e Prestiti SpA.

Write to Liam Moloney at liam.moloney@dowjones.com

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