Finmeccanica continues management shake-up in wake of arrests

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Finmeccanica has continued its management shake-up in the wake of the arrests by Italian police of two top executives in a corruption probe.

On 13 February Giuseppe Orsi was removed as the company's chief executive, to be replaced by Alessandro Pansa. Orsi's resignation from the post of chairman followed days later.

However, following a 21 February board meeting the Italian company announced it had moved to "accelerate the reorganisation process" and made a number of key appointments.

These include the nomination of Daniele Romiti as AgustaWestland chief executive to replace Bruno Spagnolini, the other Finmeccanica executive arrested as part of the bribery investigation.

Luigi Pasquali and Alessandro Franzoni become chief executives of space business Telespazio and defence systems operation WASS respectively.

Additionally, the company says it will undertake a number of short-term cost-saving initiatives in the defence and aeronautics business units, including "the outsourcing of some non-core activities", although it gives no further detail.

It has also postponed the publication of its 2012 results until later in the spring "to complete a full and comprehensive evaluation of the potential economic and financial effects to the financial statements in the light of recent events".