Goodbye Alitalia, the new national airline is born Ita

The four ministers of Economy, Transport, Economic Development and Labor signed on behalf of the government the decree which puts an end to Alitalia and establishes in its place a Newco which will be called Ita, Italy Air Transport. In the company statute, attached to the decree, the farewell to the name Alitalia is confirmed. The new company will be based “in the Municipality of Rome”.

“The new national airline is born today, in clear discontinuity with the past and which will have to play a leading role on the European and international market. This is a large industrial operation at the service of the country, in support of the competitiveness of our businesses and for the relaunch of Italian tourism “wrote the Minister of Transport Paola De Micheli.

Goodbye Alitalia, the new national airline is born Ita: the initial capital

The name Alitalia the bad company that will be emptied and will transfer part of the business to the new Ita remains with the commissioner company.

This is only the first step in a process that will lead to registration with the Court of Auditors. Until then the decree is not complete, only after will the deed of incorporation of the new company be finalized.

Subsequently it will take 30 days for the decree to go to Parliament and that point will be presented the new industrial plan lasting cand the year.

Ita part with a share capital of 20 million euros, all owned by the State, through the Ministry of Economy and Finance, as was resolved in the August decree.

Already with the Cura Italia decree of mid-March, the government had foreseen the establishment of a new public company for air transport, an intention finalized in May with the Relaunch decree through which the maxi-allocation of capital of 3 billion. Resources from the public coffers, paid in installments, according to the needs of the industrial plan, in no less than two years.

The bylaws of Ita state that “the share capital can also be increased through the conferral of assets in kind and credits”. To reach 3 billion in funding, the document will therefore have to be amended, given that the capital disclosed so far amounts to only 20 million.

Goodbye Alitalia, the new national airline is born Ita: the top management

At the top of the new board of directors there will be the former CEO of Poste Francesco Caio as President, Fabio Maria Lazzerini formerly top manager of the carrier, as CEO.

The Newco founding decree provides for a fee for the chairman of 70,000 euros gross per year and 35,000 euros gross per year for each of the other members of the board of directors.

But the text finally refers to the board of directors, during the sessions that are not public, of fix the remuneration for the chairman and the chief executive officer on the basis of the proxies, referring to article 2389, third paragraph, of the civil code and to art. 79 of the Cura Italia decree law. According to the decree, in fact, the salary ceiling, equal to 240 thousand euros for unlisted public companies, does not apply to Italy Air Transport.

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