Finmeccanica and the Italian government are deadlocked over proposed management changes. The Italian treasury said this month that Pierfrancesco Guarguaglini and Roberto Testore are to replace president Alberto Lina and chief operating officer Giuseppe Bono, but Bono and Lina have refused to leave.

Finmeccanica shareholders are due to approve the 2001 results on 16 May, when a compensation deal for the executives is expected. The treasury is negotiating a lump sum payment for Lina. Bono could be offered Guarguaglini's job as chief executive of shipbuilder Fincantieri.

Source: Flight International