The Italian Ministry of Economy and Finance has appointed two Lufthansa Group executives as directors to the board of ITA Airways (AZ, Rome Fiumicino), including a new chief executive, signalling the conclusion of the carrier's takeover by the German holding.
In a deal expected to close as soon as this week, the Lufthansa parent is taking a 41% stake in state-owned ITA at a cost of EUR325 million euros (USD334 million). Despite its initial minority shareholder status, the group will take on the day-to-day running of ITA.
One of the new board appointees, Lufthansa Group's Jörg Eberhart, becomes ITA's new CEO. Among other roles at the group, he was president and chief executive of wholly-owned subsidiary Air Dolomiti (EN, Verona) from 2014 to 2021. The other appointee to the board is Lorenza Maggio, Lufthansa Group's EMEA Sales VP.
Lufthansa Group CEO Carsten Spohr has previously said that the takeover will sharpen the group's competitiveness in southern Europe and increase its future profits by hundreds of millions of euros annually. He says Lufthansa may eventually acquire 100% of ITA but it was not an immediate priority.
Alongside Eberhart and Maggio, the ministry this week named Sandro Pappalardo as board chair. Other board members include Antonella Ballone and Efrem Angelo Valeriani.
Following the finalisation of the transaction, the ITA Airways brand will survive, but Lufthansa will integrate it into the group's multi-hub, multi-airline model. Rome Fiumicino Airport will become the group's sixth and southernmost hub.
