Corrado Passera

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Corrado Passera
Corrado Passera - Festival dell'Economia 2012.JPG
Minister of Infrastructure and Transport
In office
16 November 2011 – 28 April 2013
Prime Minister Mario Monti
Preceded by Altero Matteoli
Succeeded by Maurizio Lupi
Minister of Economic Development
In office
16 November 2011 – 28 April 2013
Prime Minister Mario Monti
Preceded by Paolo Romani
Succeeded by Flavio Zanonato
Personal details
Born (1954-12-30) 30 December 1954 (age 59)
Como
Nationality Italian
Religion Roman Catholic[1]

Corrado Passera (born 30 December 1954) is an Italian manager and banker who has held numerous executive-level positions in various industrial and financial sectors and served as minister of economic development and infrastructure and transport in the Mario Monti Cabinet.

Biography[edit]

Corrado Passera was born in Como on 30 December 1954.

He graduated from Bocconi University[2] and from the Wharton School of the University of Pennsylvania in 1980 with a Master in Business Administration. He refers to his time at Wharton as one of the most formative periods in his life.[citation needed]

Professional career[edit]

He began his professional career in 1980 at McKinsey where he remained for five years. Shortly thereafter, he embarked on a long working relationship with the Carlo De Benedetti Group, initially at Cir, the group's holding company where he served as general manager until 1990. In 1991, he became general manager of Arnoldo Mondadori Editore and, subsequently, of Gruppo Editoriale L'Espresso. Continuing his working relationship with the Cir Group, Passera served as co-managing director of the Olivetti Group from September 1992 to July 1996, a period when the IT company expanded into telecommunications with the creation of Omnitel and Infostrada.

In 1996, he was appointed managing director and general manager of Banco Ambrosiano Veneto, where he carried out the first major banking consolidation deal with Cariplo, one of Italy's most important banks.

In 1998, he received a political appointment to become the managing director of the Italian postal system, Poste Italiane. Under his direction, Poste Italiane was restructured and relaunched, with a strong rebound in efficiency,[citation needed] new business models, and the entry into financial services through the creation of BancoPosta. In 2002, the company recorded its first operating profit.[3]

During the same year, Passera left his position at Poste Italiane as he was called to cover the role of managing director at Banca Intesa. In his new position, he drew up a business plan that included key strategic objectives such as the recovery of efficiency, the reorganisation of the business, cost reduction, the restructuring of products and the revival of the bank's image. When this process was completed in 2005, Banca Intesa was one of Italy's most profitable banks and was viewed in the international markets as one of the most significant examples of business turnarounds in the financial services industry.[citation needed]

In 2006, Passera was one of the main proponents who helped to carve out a process that ultimately led to the merger of Banca Intesa and Sanpaolo IMI, and the ensuing creation of Intesa Sanpaolo. Intesa Sanpaolo is Italy's leading banking group, partly due to an unparalleled distribution network, with a strong international presence concentrated in Central-Eastern Europe and the Mediterranean basin.[4]

Passera is member of the Board of Directors of Bocconi University and Fondazione Teatro alla Scala. He is a Director and Member of the Executive Committee of the Italian Banking Association and a member of the International Advisory Board of The Wharton School. He also is a member of the Board of Governors of the Cini Foundation in Venice and of the Geneva World Economic Forum's International Business Council.

On 16 November 2011, Passera left his position as Intesa Sanpaolo Group's Managing Director and CEO to serve as minister of economic development, infrastructure and transport.[5] His term as minister ended on 28 April 2013 and Maurizio Lupi succeeded him in the post.[6]

Honours[edit]

Cavaliere OML BAR.svg Knight of the Order of Merit for Labour: 1 June 2006, appointed by the President of the Italian Republic Giorgio Napolitano.[7]

References[edit]

  1. ^ Mezz'ora con Lucia Annunziata. (in Italian) 15April 2012. Intervista integrale del Ministro alla Sviluppo Economico, Infrastrutture e Trasporti, Corrado Passera a In Mezz'ora di Lucia Annunziata.
  2. ^ Francesca Giuliani (16 November 2011). "The Who's Who of the Monti Government". i-Italy. Retrieved 7 September 2013. 
  3. ^ Il Foglio. 19 June 2004. p. 1.
  4. ^ La Stampa. 13 October 2006. p. 19; Il Sole24Ore. 13 October 2006. p. 1; Il Corriere della Sera. 13 October p. 1
  5. ^ "CEO Corrado Passera appointed Minister of Economic Development, Infrastructure and Transport". Retrieved 16 November 2011. 
  6. ^ Walston, James (1 May 2013). "Italy’s fragile new government is unlikely to stay for the long haul". London School of Economics. Retrieved 17 May 2013. 
  7. ^ Quirinale.it
Business positions
New title CEO of Poste Italiane
1998–2002
Succeeded by
Massimo Sarmi
Preceded by
Lino Benassi
CEO of Banca Intesa
2002–2006
Merged with Sanpaolo IMI
New title CEO of Intesa Sanpaolo
2007–2011
Succeeded by
Enrico Tomaso Cucchiani
Political offices
Preceded by
Altero Matteoli
Italian Minister of Transports and Infrastructures
2011–2013
Succeeded by
Maurizio Lupi
Preceded by
Paolo Romani
Italian Minister of Economic Development
2011–2013
Succeeded by
Flavio Zanonato