Leonardo said it would stand behind CEO Alessandro Profumo, 63, following his sentencing last week on fraud charges related to his tenure as CEO of Banca Monte dei Paschi di Siena (MPS) in 2015, a post he held before joining Leonardo in 2017. Profumo was sentenced to six years in jail and a $2.9 million fine. His lawyers are appealing.
In a statement issued last week, Leonardo said, “With regards to the judgment in the first instance of Mr. Alessandro Profumo, relating to his previous role as chairman of MPS, the company would like to make clear that the conditions do not exist for the cessation of his role as chief executive officer of Leonardo. The company expresses its full confidence in the actions of Mr. Profumo and wishes for his continuation in the role.”
Profumo is not the first Leonardo CEO to be ensnared by the Italian legal system. Predecessors Mauro Moretti and Giuseppe Orsi were also initially convicted of crimes allegedly committed before they took the top spot at the helicopter manufacturer. Moretti is appealing his conviction while Orsi was ultimately acquitted after more than six years of legal proceedings.