ITA Airways has undergone a major reshuffle in its board on the heels of Lufthansa Group’s entry into its governing structure. ITA Airways chief executive Fabio Lazzerini has stepped down while the current head of alliances, fleet and network Andrea Benassi is appointed to the new position of General Manager.
The ITA board has been reduced from five to three-member board including Antonino Turicchi as chair, supported by treasury representatives Valeria Vaccaro and Francesco Spada. This new board is in agreement with the Lufthansa Group and the Italian economics and finance ministry.
Lufthansa Group would be taking a 41% shareholding of ITA. With Lufthansa entry into its shareholding structure, Lufthansa will appoint two additional members, one of whom will be the chief executive.
The partnership with Lufthansa entails a 41% stake in Ita through a €325 million investment, subject to EU Antitrust approval. Lufthansa plans to incrementally increase this stake, with a long-term vision to gain complete control by 2033.
Approval from the European Commission’s Competition Directorate-General is expected in a few weeks.